Cashew harvests to consolidate impressive gains from last year

Indications have emerged that there will be earlier harvests this year than anticipated, expected to build on the huge sales and profits recorded by Nigerian cashew farmers from sale of cashew nuts in 2016, owing to steep devaluation of the naira.

BusinessDay had reported that in 2016, Vietnam, the world’s largest cashew exporter, experienced its worst drought in a century which reduced the country’s export by 11 percent and created market for cashew nuts from other countries.

As a result, the demand for Nigeria’s cashew by foreigners increased and this pushed up the prices of local cashew nuts by 15.4 percent.

The National Cashew Association of Nigeria (NCAN) said that it expected early harvest of cashew in this year as most of the trees were already flowering and ready for fruiting, reported NAN during a nationwide tour of some cashew producing states including Kwara and Abia.

The association’s Spokesperson, Sotonye Anga told the News Agency of Nigeria (NAN) that most cashew trees were doing “very well’’, saying it was a sign of a bumper harvest for farmers in 2017.

“We are very pleased at the moment with what we have seen of cashew trees in most states where we have cashew plantations because they are doing very well.

“Most of the trees are already flowering and getting ready for fruiting, which is a good sign for 2017 harvest.

“From our observation during a nationwide tour of cashew trees as far as we can see, 2017 cashew harvest for Nigeria will be early,” Anga said.

Anga also said that farmers were already optimistic and had started adequate preparation toward the 2017 cashew season scheduled to kickoff in February.

Zacheaus Egbewusi, chief executive officer, Agri Commodity Inspection Limited previously told BusinessDay that “The demand for cashew has gone up. A lot of foreigners are calling and asking for our cashew currently, and this is why the price has gone up.”

Anga had also stated that the price of a metric ton of cashew in the international market sells between $1,000 and $1,200. He also noted that Nigeria cashew industry will experience its greatest price increment in 2017 as the value of naira continues to drop against the dollar.

 

CALEB OJEWALE