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Wednesday, 03 May 2017

Nigeria losing billions annually from cashew exports

Nigeria has been losing billions annually from Cashew nut tree according to data from the National Cashew Association of Nigeria (NCAN), due to lack of value addition and Nigeria’s inability to process cashew nuts in significant quantities for export, the country lost $1.4 billion in 2016. According to the information, Nigeria exported a total of 160,000 metric tonnes of cashew valued at $300 million in 2016. This was far behind what farmers and exporters could have earned assuming there were processing factories that could process cashew nuts to export standards. Recently, Minister of Agriculture and Rural Development, Audu Ogbeh, said Nigeria would start exporting processed cashew nuts by 2019, adding that currently a tonne of processed cashew nuts, when exported, is sold for $10,000 while the raw cashew nuts are sold at $1,200. He explained: “It would be beneficial to process the nuts and export rather than exporting the nuts raw. So in the next two years, we will no longer export raw cashew nuts, but roast the cashew nuts for export.”

Source: Freshplaza