Nigeria, Oct. 7 -- The shea nut industry of Nigeria is rebounding sharply following an early downturn caused by the Federal Government's action to prohibit the export of raw shea nuts.

With local processors demanding more local supply, market indicators now point toward growing optimism and soaring costs.



Shea nuts sold for an average of about N850 per kilogram before the restriction. The news temporarily shocked the market, causing prices to fall by around 33 percent to N570 per kilogram as dealers and middlemen tried to adapt. But fresh action from regional producers has lately rejuvenated the market. Prices had returned to between N710 and N800 per kilogram by mid-September, and as of this week the average price has topped about N...