Nigeria’s Minister of Information, Mr. Idris, has stated that President Tinubu’s recent temporary suspension of raw shea exports is a strategic move to unlock the full potential of the country’s rural economy. Speaking at the 20th Institute of Chartered Accountants of Nigeria Northern Zonal Accountants’ Conference in Minna, Niger, Mr. Idris emphasized that the president’s decision is aimed at ensuring Nigeria becomes a global leader in high-value shea products.
By promoting local processing of shea, the government seeks to stimulate investment, drive technology transfer, and accelerate the development of processing capacity. This initiative is expected to create quality jobs for youth and women in rural communities, boost foreign exchange earnings, and deepen Nigeria’s participation in global value chains. Niger State, a major hub for shea production, is poised to benefit significantly from this transformative initiative.
The minister commended the National Shea Products Association of Nigeria for embracing the president’s vision and assured that the federal government is providing an enabling environment to make it a reality. The policy on shea is part of the president’s broader economic renewal drive, which focuses on accountability, national re-orientation, and inclusivity.
Mr. Idris highlighted the importance of accountability in unlocking Nigeria’s future, emphasizing the need for citizens to commit to doing things differently by living by the right values and holding institutions accountable. He also outlined ongoing reforms under the Renewed Hope Agenda, including fiscal discipline, infrastructure renewal, digital transformation, and youth empowerment.
The minister cited examples of infrastructure projects, such as the construction of the Lagos-Calabar Coastal superhighway and the rehabilitation of the Eastern rail corridor, which demonstrate the government’s commitment to equitable distribution of resources. He also noted that the federal government is leveraging tools like the Treasury Single Account and the Government Integrated Financial Management Information System to improve transparency and accountability in national resource management.
Nigeria’s improved ranking in the Transparency International Corruption Perceptions Index, from 145th to 140th between 2023 and 2024, is attributed to the diligent implementation of key policies that promote accountability and transparency. The minister’s statement reinforces the government’s commitment to economic renewal and accountability, with a focus on unlocking the potential of Nigeria’s rural economy and promoting sustainable development.