President Bola Ahmed Tinubu has approved a one-year extension of the ban on the export of raw shea nuts, effective from February 26, 2026, to February 25, 2027.

The decision, announced in a State House press release by Special Adviser to the President on Information and Strategy, Bayo Onanuga, reinforces the administration’s focus on industrial growth, domestic value addition, and the broader goals of the Renewed Hope Agenda.

The extended ban is designed to strengthen Nigeria’s processing capabilities for shea nuts, improve livelihoods in shea-producing communities across the Savanna belt, and shift exports toward higher-value products such as shea butter.

Processed shea butter, valued for its moisturising, anti-inflammatory, and antioxidant properties, serves as a key ingredient in cosmetics, skincare, hair products, and edible oils—and commands prices 10 to 20 times higher than raw nuts.

To support effective implementation, President Tinubu has directed the Ministers of the Federal Ministry of Industry, Trade and Investment, in collaboration with the Presidential Food Security Coordination Unit (PFSCU), to develop and coordinate a unified, evidence-based national framework.

This framework will align industrialisation, trade, and investment strategies across the entire shea nut value chain.

The President has also endorsed the export framework developed by the Nigerian Commodity Exchange (NCX) and ordered the immediate withdrawal of all existing waivers that previously permitted direct exports of raw shea nuts.

Going forward, any excess or surplus raw shea nuts must be exported exclusively through the NCX in line with its approved guidelines.

In a related measure to enhance local capacity, President Tinubu directed the Federal Ministry of Finance to establish access to a dedicated Non-Oil Export Stimulation Support (NESS) Window.

This facility will enable the Ministry of Industry, Trade and Investment to pilot a Livelihood Finance Mechanism aimed at bolstering production and processing capabilities in the sector.

The Federal Government reiterated its commitment to policies that drive inclusive economic growth, promote local manufacturing, and position Nigeria as a stronger, more competitive player in global agricultural value chains.

The Central Bank of Nigeria (CBN) has reduced the Monetary Policy Rate (MPR), the benchmark interest rate by 50 basis points from 27 percent to 26.5 percent.

The Governor of the CBN, Mr. Olayemi Cardoso, disclosed this at the end of the 304th meeting of the Monetary Policy Committee (MPC) held yesterday in Abuja.

The bank also retained the standing facilities corridor at +50 to -450 basis points and kept the Cash Reserve Requirements, CRR unchanged (deposit money banks 45%, merchant banks 16%, and 75% for non TSA public sector deposits).

Cardoso explained, “The committee’s decision was premised on a balanced evaluation of risk to the outlook, which suggests that the ongoing disinflation trajectory would continue, largely supported by the transmission of previous monetary tightening, sustained exchange rate stability and enhanced food supply.”

He added that the committee took into account the sustained deceleration of the year-on-year, headline inflation in January 2026 marking the 11th consecutive month of decline.

“This downward trajectory in inflation was driven mainly by the continued effects of the contractionary monetary policy, stability in the foreign exchange market, robust capital inflows and improvement in the balance of payments,” he said.

According to him, the momentum was further reinforced by relative stability in the prices of petroleum products and improved food supply conditions, especially staples.

Tanimu Yakubu, Director-General, Budget Office of the Federation Secretary, clarified that Executive Order 9 signed last week by President Bola Tinubu was consistent with the 1999 Constitution and does not amount to an overreach of executive authority.

President Tinubu had, last Wednesday, signed Executive Order 9 of 2026, formally titled Presidential Executive Order to Safeguard Federation Oil and Gas Revenues and Provide Regulatory Clarity.

Yakubu, while responding to criticism suggesting that Executive Order 9 (EO9) amounts to the President “making law,” misstates both the Constitution and the fiscal question at issue.

Quoting Section 80(1) of the 1999 Constitution (as amended), he said: “Section 80(1) of the Constitution (1999, as amended) is mandatory: all revenues or other moneys raised or received by the Federation shall be paid into and form one Consolidated Revenue Fund of the Federation.”

He emphasised that EO9 does not create law; it enforces constitutional custody of Federation revenues.

Public revenue cannot lawfully be retained, applied, or warehoused outside constitutional funds.

Section 162 complements this rule by requiring revenues accruing to the Federation to be paid into the Federation Account for distribution in accordance with constitutional allocation principles.

The order of legality is clear: revenue must first enter constitutionally recognised accounts before it can be appropriated, shared, or spent.

EO9 operationalises these provisions in the oil and gas sector by directing direct remittance of petroleum revenues – including royalties, taxes, profit oil and gas, penalties, and related receipts – into constitutionally recognised accounts, and by tightening reconciliation and transparency across collection, custody, and reporting.EO9 does not intrude into legislative competence.

Section 60(1) preserves the procedural autonomy of the National Assembly; EO9 does not regulate legislative procedure, amend the Petroleum Industry Act (PIA), or repeal any statute.

It is an executive instrument issued under Section 5 to ensure faithful execution of the Constitution and applicable laws.

If any party disputes the constitutional validity of EO9, the judiciary remains the proper forum for determination.

Pending any judicial pronouncement, the Executive is duty-bound to protect Federation revenues, uphold constitutional supremacy, and strengthen fiscal integrity for FAAC distributions, budget credibility, and macroeconomic stability.”