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Nigeria: Cashew export contributes USD$251m

The National Cashew Association of Nigeria (NCAN) on Thursday said that export of cashew nuts from the 2015 planting season had contributed about N50 billion (USD$251m) to the economy.

The association’s spokesman, Mr Sotonye Anga, told the News Agency of Nigeria (NAN) in Lagos that the sub-sector hitherto, contributed about N24 billion in 2013 and 2014.

Anga said the significant growth was because farmers did not compromise on the quality of cashew nuts resulting in increased demand for the produce.

“For 2015, because of the significant growth in pricing and increased demand for Nigeria’s cashew, what the cashew sector contributed to the Nigerian economy is about N50 billion. That is an improvement in the export of raw cashew. Whereas in 2013 and 2014, the sub-sector contributed about 24 billion. This year, having made the N50 billion mark, the global expectation for the next season is going to increase. This figure could be more but because of export through our porous borders we could not account for those ones,’’ he said.

NAN reports that the price of raw cashew nut per metric ton also recorded an increase, selling at N170, 000 during the 2015 season.

The spokesman said that with the increase, farmers were ready to comply with high degree quality control procedure.

He told NAN that buyers from India, Brazil, Vietnam and others were rest assured to have the best of cashew nut come next season.

Source: leadership.ng

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