Speaking at the 20th Institute of Chartered Accountants of Nigeria (ICAN) Northern Zonal Accountants’ Conference in Minna, Idris — represented by the Director-General of the Voice of Nigeria, Mallam Jibrin Baba Ndace — described the move as both “bold and strategic.”
“President Bola Tinubu’s recent temporary suspension of raw shea exports is not a mere policy experiment but a forward-looking measure aimed at unlocking the full potential of our rural economy,” Idris said in a statement signed by his aide, Rabiu Ibrahim.
Nigeria currently accounts for over 50 per cent of the world’s shea production, but most of its exports leave the country unprocessed. The government now aims to transform this trend by insisting that more shea is processed locally, boosting Nigeria’s capacity to produce high-value shea-based products.
According to Idris, the suspension is expected to stimulate local investment, drive technology transfer, expand processing capacity, and create quality jobs — especially for women and young people in rural areas. It will also enhance foreign exchange earnings and deepen Nigeria’s participation in global value chains.
Niger State, a major hub for shea cultivation, is projected to be one of the biggest beneficiaries of the policy shift. Idris praised the National Shea Products Association of Nigeria for backing the initiative and reiterated the government’s readiness to provide a supportive environment for investors.
The suspension, announced in August by Vice President Kashim Shettima, will last six months, with a review scheduled afterward. Shettima explained at a multi-stakeholder meeting in Abuja that the measure is intended to curb informal trade, support local processors, and strengthen the shea value chain. In the short term, the government estimates it could generate up to $300 million annually.
Idris tied the initiative to the broader Renewed Hope Agenda, highlighting reforms in fiscal discipline, digital transformation, infrastructure, and youth empowerment. He cited projects such as the Lagos–Calabar Coastal Superhighway, the Badagry–Sokoto Superhighway, and the rehabilitation of the Eastern rail corridor as proof of government’s push for equitable infrastructure development.
He also pointed to Nigeria’s improved ranking on the Transparency International Corruption Perceptions Index — from 145th in 2023 to 140th in 2024 — as evidence of progress in accountability.
Concluding his address, Idris urged professionals, especially accountants, to support the national re-orientation drive. “To unlock Nigeria’s future, citizens must collectively commit to living by the right values, holding institutions accountable, and putting Nigeria first in all our actions,” he said.