Breaking: Tinubu Bans Export of Popular Nigerian Farm Produce
- President Bola Tinubu has announced a temporary ban on the exportation of raw shea nuts from Nigeria to other countries for six months
- Sen. Abubakar Kyari, the minister of agriculture and food security, announced the development while addressing journalists at the presidential villa in Abuja on Tuesday, August 26
- This came as Nigeria strengthened its bilateral relationship between Nigeria and several countries to boost economic and trade, which included exportation
President Bola Tinubu has ordered a temporary ban on the export of raw shea nuts with immediate effect. The president explained that the move was to boost the processor utilisation, stop informal trade, target a higher export value and get the sector on stabilisation.
The ban, which will last for six months, was specifically aimed at boosting the value chain of Nigeria's shea, projected to generate $300 million yearly in the short term.
Source: Twitter
Vanguard reported that Sen. Abubakar Kyari, the minister of agriculture and food security, announced the development while addressing journalists at the presidential villa in Abuja on Tuesday, August 26.
Tinubu boosting Nigeria's alliances with other countries
President Tinubu has been meeting leaders of other countries in the bid to strengthen economic ties between Nigeria and other countries. Nigeria is currently partnering with several countries in different areas, including import and export.
The announcement was made as Tinubu's visit to Brazil secured major memoranda of understanding between Nigeria and the South American country in the areas of agriculture, trade and aviation. This would be the third time Tinubu will be meeting his Brazilian counterpart, President Luiz Inácio Lula da Silva.
List of agreements between Nigeria and Brazil
So far, Nigeria and Brazil have signed four memoranda of understanding. These were disclosed by Mohammed Idris, the Nigerian minister of information and national orientation.
Below are the agreements so far:
- In 2024, Brazil's biggest meat processor announced a $2.5 billion investment plan for Nigeria, which will build six meat processing factories in the country.
- There's also the $1.1 billion Green Imperative Partnership (GIP), a Brazil-supported government-to-government initiative that will deliver 10,000 tractors and 50,000 pieces of agric equipment, to be assembled and maintained in Nigeria—creating jobs and building capacity.
- The Tinubu administration has also worked hard to revive and reinvigorate the Nigeria-Brazil Strategic Dialogue Mechanism, after a lull, with Nigeria hosting an edition two months ago in Abuja, attended by the Brazilian Vice President.
- Another area of bright promise: plans are now underway to resume direct flights between the two countries.
Source: Twitter
Tinubu's full speech in Brazil
Legit.ng earlier reported that President Bola Tinubu has addressed the gathering of the business community in Brazil alongside his host, Luiz Inácio Lula da Silva.
According to Tinubu's minister of information and national orientation, Mohammed Idris, the president's address came after signing a series of Memoranda of Understanding between the two countries.
Tinubu's visit to Brazil came after he attended the "9th Tokyo International Conference for African Development" in Japan.
Source: Legit.ng
