FCTA Plans $200m Shea Butter Industry
The Federal Capital Territory Administration said it’s committed to grow the Shea butter industry to international acceptance that will enhance the socioeconomic empowerment of the territory and its producers .
Disclosing the plans was the representative of the FCT Minister of state,the FCT Permanent Secretary, Mr. Olusade Adesola,at the 3rd Technical Meeting of National Committee on Export Promotion held on Wednesday in Abuja.
The minister maintained that FCT chose shea-butter and handicraft because Shea has been identified as a high economic impact export products that trades globally at an average of $200 million annually.
The minister reveled that Nigeria current export value was $5 million but the zero oil plan potential and target is $100 million, noting that this was what the FCT desires to leverage on to create jobs and drive inclusion by exploring the inherent potential presented by this sub-sector for the export market.
“The FCT Administration has resolved to key into the Zero Oil Plan especially one of its strategic components; the One-State-One Product (OSOP) initiative whereby each state of the federation and the FCT is to choose a product and an alternate one in which it has comparative and competitive advantage in cultivation, production and processing.
“FCT chose shea-butter and handicraft under the scheme, in order to link the rural communities with the national export value-chain and facilitate Nigeria’s socio-economic growth through jobs creation and families’ empowerments.
“Shea is a high economic impact export products that trades globally an average of $200 million annually. Nigeria current export value is $5 million but the Zero Oil Plan potential and target is $100 million; this is what the FCT desires to leverage on to create jobs and drive inclusion by exploring the inherent potential presented by this sub-sector for the export market”.
The minister noted that the 3rd technical meeting holding at this precarious time in the annals of the nation’s history signifies the collective desire of a people in charting a course for revamping the economy and seeking alternatives to economic sustainability.
The major producer of Shea butter in the territory is Abaji and Kwali area Coucil.
In his remark, Minister of Industry, Trade and Investment, Mr. Otunba Adeniyi Adebayo, informed the committee that the Federal Executive C ouncil had earlier today rectified the plan, stressing that the African continental free trade agreement would provide a lots of potential for Nigeria to grow its export from $3.4 trillion markert value.
He thanked the committee for their unwavering commitment and the resilience on the part of participants to nation building and socio-economic reformation of Nigerians.
Members of the National Committee on Export Promotion include the FCT Minister of State, Commissioners and Special Advisers as well as other representatives of relevant MDAs.
