Tag Archives: Cashew in Nigeria

CASHEW IS FETCHING NIGERIA A FORTUNE

The National President, National Cashew Association of Nigeria, NCAN, Tola Faseru, has disclosed that the production of the commodity has increased from about 90,000 metric tonnes in 2011 to 220,000 metric tonnes at the end of 2017 translating to about $402million.

He said the cashew industry has made a lot of progress when compared to other commodities in the country.

Speaking with Agriculture journalists recently, Faseru said: “In 2011, our production was about 90,000 metric tonnes, today, as at the end of 2017, we have reached 220,000 metric tonnes. For us, that is a major breakthrough. That is more than doubled what the production was from 2011 to 2017. Barring all issues of climate change and all of that, for us, that is a major effort.”

He added “the earning has increased tremendously, the earnings in 2011 were about $48 to $50 million annually but as at 2017, we have reached $402 million. What it means is that the value of Nigerian cashew has increased.

“In 2011, we were talking of something in the region of between $300 and $500 per ton. Today, we are talking about $1800 and we have explored an upward trend in the marketability and acceptability of the Nigerian cashew across the world.”

Tola Faseru said the increased earnings from cashew has impacted positively on the farmers. “In the past, a farmer was selling at the local price of N30,000 to N40, 000 per ton, but today, the farmer can sell at about N300,000 per ton.

“Thus, our farmers are now living a decent life; they provide shelter for themselves, have good cars and that had encouraged them to plant more. By and large, it has encouraged them to take good care of their farms.”

He said one of the reasons for the growth in the sector is the sensitisations and trainings given to the local farmers. “We have given farmers trainings on how to store their cashew properly, they are able to first of all put in best agricultural practices; they are able to do what they call proper harvesting which is critical to the yield and to the quality.

“Farmers are able to dry cashew properly; most importantly, they are able to package it well. When we came in, cashew nuts were usually packaged in polythene bags and we said this will kill the quality because the cashew will not have proper air to breathe because it will get heated up and what will happen is for the cashew to spoil.

“So, we said jute bags should be the way. Jute bags give way for air to flow in and out, the cashew farmers have imbibed that as well.”

He added that drying of cashew has now become something farmers now handle professionally and has become the norm across the value chain.

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Read more at: https://www.vanguardngr.com/2018/05/982285/

hastom cashew plant

About Cashew

Cashew is seasonal fruit that is highly sought after in the Nigerian Market as well as the global market. The species is originally native to the North Eastern Brazil. Major production of cashews occurs in Vietnam, Nigeria, India and Ivory Coast. The Cashew nut is eaten on its own, used in recipes or processed into Cashew cheese or butter. The cashew apple can be processed into a sweet fruit drink or distilled into liquor.

Driven by the rise in demand from china, India and other fast-growing economies, the global cashew boom has generated profits, the business has been of instant success for investors in the cashew business, as investors now worth millions of dollars in annual revenue, and with the world price rising and expected to remain steady, life is changing for those ready to invest in the business.

The cashew Industry has been a growing business over the years in Nigeria in particular. Cashew Production for 2015 was 160,000 tonnes, and fetched 57.6 billion naira revenue. In 2016, we exported 185,000 tonnes and earned 259 million dollars (93.2 billion naira). Last year 2017, 220,000 tonnes was exported and earned 123 billion naira, which means that the value continues to row over the years. But with this still, the demands is yet still more than the supply, this just implies a lot of room and opportunities for investments in this cashew business.

Investing in Cashew Nut business is one of the most lucrative investments you can make. The reason is not far- fetched. Nigeria is one of the largest producers of cashew in the world. It implies that you already have access to the essential commodity. In addition to this, the cashew industry has a high potential for growth, with cashew tree having the ability to last at least 50 years. There is a lot of money to be made if you invest in the cashew nut business.

Read More On Cashew in Nigeria

HASTOM CASHEW-NUT

Cashew in Nigeria

The National Cashew Association of Nigeria (NCAN) has stated that Nigeria will generate a turnover of about ?N1 trillion in the next 10 years, noting however that necessary support and encouragement from regulators would make the target achievable.

The association also said Nigeria must promote cashew business and unlock financing for the sector for it to thrive. National Publicity Secretary and Chief Executive Officer (CEO), Universal Quest Nigeria, Mr. Sotonye Anga, who spoke on behalf of the group stated that the cashew industry requires a financing to the tune of N50 billion to boost production, processing and marketing. He said there was a need for value addition in the nation’s cashew industry to create more jobs for unemployed young people, diversify the economy and earn foreign exchange.

Anga who spoke at the export platform business luncheon tagged: “Multibillion N?aira Cashew industry”, stressed that exporting raw cashew, also exports job opportunities, stressing the need for the nation to reverse this trend.

“Let us not forget that Africa is the center of the cashew world, producing over 40 per cent of 2.6 million tons of the world’s cashew nuts with Nigeria standing as one of the largest cashew producers in the continent alongside Ivory Coast, Guinea Bissau, Tanzania, Ghana, Kenya, Mozambique and recently Mali,” he said. “The time to add value to our cashew and thereby create more jobs for our unemployed young people, reduce unemployment, diversify our economy, reduce the pressure on our Naira, stimulate economic growth? and get a bigger share of the cashew dollar is now,” he added.

According to him, $1.8 billion per annum in Naira is an equivalent of N351 billion from just cashew alone, noting that it is as a matter of urgency for Nigeria to have a paradigm shift to look away from petrol dollar to cashew dollar. He also stated that developing and investing in Nigeria’s cashew industry offers a straight route from poverty to financial freedom and prosperity for thousands of families. “Today, cashew is a major foreign exchange earner for Nigeria and thus listed as a transformational crop in the Agricultural Transformation Agenda (ATA) of the federal government of Nigeria,” he said. He pointed out that the nation’s annual production of raw cashew nuts now stands at 144,000 tones, stressing that in the last 9 years, cashew prices in Nigeria had increased by 266.7 per cent. Furthermore, he advised that Nigeria needs to consolidate its place in the cashew world by increasing its cashew production and processing, considering the growth in demand for cashew globally and the rising ?consumer appetite for the crop. “As we allocate more land for cashew cultivation, our major focus should be to increase our national average in terms of yield per hectare which is around 400kg to 600 kg per hectare to at least 1,000 to 1500 kg per hectare. He said as a result of this, there was the need to establish a national cashew seed program, improve farm level productivity by planting improved disease-resistant high-yielding cashew seedlings, rejuvenate old cashew farms and organize capacity building programs for cashew farmers.

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