(Ecofin Agency) - The Nigerian Export-Import Bank (NEXIM) said it was ready to support the country to boost its shea nuts production capacity. This was disclosed by the Acting Managing Director of NEXIM, Bashir Wali.

According to him, the bank wants to provide “funding for increased proactive measures to reposition agricultural products, such as shea, as part of its non-oil export sector interventions in the agro-processing sub-sector.”

The lender’s initiative aims to help respond to global demand for shea which is expected to grow to over $30 billion by 2020 from $10 billion now. In addition to this, Wali said the crop has great potential to generate foreign exchange revenue and create jobs.

Reports from the Central Bank of Nigeria (CBN) and the Oil Seeds Association of Nigeria, show that Nigeria accounts for more than 370,000 metric tonnes, or 53% of the estimated over 680,000 metric tonnes of shea nuts produced annually in West Africa.

Anita Fatunji