Nigeria to begin exporting processed cashews by 2019
Ogbeh who disclosed this on Tuesday at the maiden edition of the 2017 First Bank Agric Expo in Lagos, said 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 that 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. If we produce a tonne of roasted cashew it will be sold at the international price of $10,000, whereas a ton of raw cashew nuts sells for $1,200.”
Nigeria’s inability to process cashew nuts in significant quantities for export resulted in the loss of $1.4 billion in 2016.
source: ecofinagency.com
