Nigeria to earn $200m from cashew nut production

Nigeria is to earn $200 million from cashew nut production in the next two years from its planned 30 percent increase as a result of renewed government focus. Executive Secretary of Nigeria Export Promotion Council (NEPC), Segun Awolowo, disclosed this at the workshop on cashew processing and Market Information Systems in Lagos. He said Nigeria was expected earn over $200million at an average price of $1,200 per tonne in the international market. He said: “Recent government’s efforts in the development of additional cashew plantations, distribution of improved seedlings to farmers, enforced good agricultural practices are all going to increase output of cashew nuts in Nigeria by 30 percent in the next two years. “Nigeria is rated to be the fourth largest producer of cashew nuts in Africa and seventh in the world, with the bulk of its Raw Cashew Nuts, RCN, and cashew kernels exported to Vietnam and India, respectively. They are both leading processors of cashew nuts in the world.” Awolowo noted that in 2011, Vietnam imported over $140million worth of RCN and $46million worth of cashew kernel from Nigeria, adding that in recent years, export of Nigeria RCN had been on the increase. He, however, affirmed the increasing output of Nigeria’s cashew with the production of 150,000 and 130,000 metric tonnes in 2014 and 2013 respectively. To further improve Nigeria’s cashew production, Awolowo stated that working with the USAID|Nigeria Expanded Trade and Transport, NEXTT project, the council had developed a cashew sector strategy for the cashew value chain in Nigeria. According to him, the cashew strategy is expected to improve the quality of Nigeria’s RCN and enhance the transparency of the Nigeria cashew industry by developing a Market Information System.