NIGERIA’S CASHEW EXPORTS WORTH N49.7B

Posted by Adaora Anozie

On January 7, 2016

Nigeria’scashew exports are worth $250 million (about N49.7 billion) yearly, according to the National Cashew Association of Nigeria (NCAN).
Speaking at a logistics meeting in Lagos yesterday, its President, Pastor Tola Faseru said the average export price goes up yearly, with increased demand coming from consuming nations.
He said Vietnam and India remain Nigeria’s largest buyers.

Globally, stocks of nuts, including cashew, in North America and Europe have been low, while global demand has increased. This offers good prospects for the Nigerian cashew industry this year, he said.
The industry, according to him, is expected to earn $250 million from the export of 180,000 tonnes of cashew nut.
He said global demand for its nut has been forecast to go up. He urged exporters to pay more attention to product quality, and ensure hygiene and food safety to enable exports.

He said the cashew industry has developed in recent years and focused on improving technologies.
The industry wants to increase cashew cultivation area nationwide, according to Faseru, and produce 500,000 tonnes annually by 2020.
He said the association was working with farmers and the government to develop cashew growing areas and give technical support to farmers to help them increase profits.

To enable Nigeria improve its position as a major cashew exporter, he said the association decided to hold a meeting with operators across the cashew value chain, in order to reduce the transit time for cashew exports.

He told exporters and farmers that forging a united front can help revamp the cashew sector, which has alleviated the economy over the years, adding that the collaboration of stakeholders was crucial in global cashew sustainability.