The Managing Director of the Nigerian Export-Import Bank (NEXIM), Abubakar Bello, has hailed the Federal Government’s six-month suspension of shea nut exports as a decisive step to strengthen local processors and stabilise Nigeria’s value chain.

During an interactive session with youth members of the All Progressives Congress in Abuja on Tuesday, Bello noted that the ban would help lower production costs and sustain investments in shea processing nationwide.

“When we came on board in 2018, not one industrial plant was processing shea in Nigeria. Since then, we’ve financed four, located in Ogun, Kano, and two in Niger State, all now in production,” he said.

Bello highlighted that a newly opened plant in Niger State had faced difficulties sourcing raw shea due to strong competition from foreign buyers who purchase in bulk and move the nuts to neighbouring countries for processing.

He explained that the government’s policy would help relieve that pressure and give domestic operators space to grow.

“The export ban guarantees a stable supply chain for these plants and reduces input costs. I believe we’ll now have excess shea for local processing,” he said.

Bello further urged the Federal Government to extend the suspension to a full year, cautioning that short-term measures may not be sufficient to attract more investors.

“Let’s not stop at shea. We should begin phasing out the export of unprocessed commodities across other agricultural value chains. This is how we keep jobs and wealth at home,” he added.

On Nigeria’s wider export potential, the NEXIM chief described the non-oil sector as an “opportunity port” for young Nigerians, citing agriculture, services, the creative industry, and solid minerals as key areas.

Still, he warned that the country remains underperforming across these sectors.

“Young Nigerians should invest where their passion lies. With energy and creativity, they can unlock massive export growth. True success in business often comes when people invest in areas they are genuinely passionate about,” he said.

Bello reaffirmed that NEXIM is committed to backing Small and Medium Enterprises across non-oil value chains, stressing that the bank is ready to work with young entrepreneurs eager to explore opportunities in agribusiness, processing, services, and cultural industries.

“What I want to appeal to the youth to do—and what I strongly encourage—is to invest where your heart is. Whether that’s in agriculture, processing, or the creative industries, you’re more likely to succeed when you’re passionate about what you do,” he said.

He concluded that Nigeria’s non-oil economy holds the key to sustainable growth and national prosperity.

On August 26, President Bola Tinubu approved a six-month ban on the export of raw shea nuts, aimed at curbing informal trade, promoting local processing, and strengthening Nigeria’s shea industry.

The suspension, which took immediate effect, is subject to review after six months and is expected to boost Nigeria’s shea value chain, generating around $300m annually in the short term.

Meanwhile, the Alliance for Economic Research and Ethics urged the Federal Government to provide clear transition frameworks and conduct wider consultations before enforcing the ban on raw shea nut exports.