‘FG earns $5m yearly from shea butter exports’
Nigeria currently earns over $5 million yearly from shea butter exports. The country, however, is targeting about $100 million annual earnings from the commodity.
The Federal Capital Territory (FCT) Minister of State, Dr. Ramatu Aliyu, disclosed this yesterday in a message to the Third Technical Meeting of the National Committee on Export Promotion held in Abuja.
Aliyu, who was represented by the FCT Permanent Secretary, Mr. Olusade Adesola, also maintained that FCT administration has chosen Shea-butter and handicraft under the scheme because the commodity has been identified as a high economic impact export product.
According to her, the FCT administration resolved to key into the zero-oil plan with One-State-One Product (OSOP) initiative.
Aliyu, however, called for collaboration with the Nigerian Export Promotion Council and other export facilitation agencies to provide support for stakeholders in the Shea-butter value chain to increase production and ease processing with minimal labour.
She noted: “The administration has resolved to key into the Zero Oil Plan, especially one of its strategic components, OSOP initiative, whereby each state of the federation and the FCT is to choose a product and an alternate one in which it has a comparative and competitive advantage in. FCT chose Shea-butter and handicraft under the scheme, in order to link the rural communities with the national export value-chain and facilitate Nigeria’s socio-economic growth through job creation and families’ empowerment.
“Shea is a high economic impact export product that trades globally an average of $200 million annually. Nigeria’s current export value is $5 million but the Zero Oil Plan potential and target is $100 million. This is what the FCT desires to leverage to create jobs and drive inclusion by exploring the inherent potential presented by this sub-sector for the export market.”
Minister of Industry, Trade and Investment, Mr. Otunba Adeniyi Adebayo, informed the committee that the Federal Executive Council had earlier rectified the plan, stressing that the African Continental Free Trade Agreement (AfCFTA) would provide lots of potential for Nigeria to grow its exports.