Nigeria Cashew Export Is Worth N49.7 Billion

Nigeria  cashew 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  year ly with increased demand coming from consuming  nations.

He said Vietnam and India remained Nigeria's largest buyers.

Globally, stocks of nuts, including cashew, in North America and Europe had been low, while global demand had increased. This offers good prospects for the Nigeria's cashew industry this year, he said.

The industry, according to him,  is expected to earn $250 million from 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 improve 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.

Faseru  said the industry  wants to increase cashew cultivation area, nationwide and produce 500,000 tonnes by 2020.

He said the association was working with farmers and the government to develop cashew growing areas and giving 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 port 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 cocoa sector, which has over the years, sustained the economy, adding that the collaboration of stakeholders was crucial in global cashew sustainability.