Cashew farmers and exporters in the country are targeting $350 million earnings from the export of cashew nuts in 2020, as harvest commences in major producing states.
“If the harvest comes out better this year, giving the fact that the weather condition has been quite good and the harmattan moderate, we expect to earn at least $350million from export this season,” said Tola Faseru, vice president, African Cashew Alliance in a telephone interview.
“We expect a lot of interest from the international market as most of our contracts were cancelled last year because of the gridlock at the port,” Faseru who is also the chairman of Colossus Investment Limited said.
Cashew crop can be grown in the entire South-West, South-South and South-East region, with Kogi, Oyo, Anambra, Osun and Enugu having the largest production areas.
Faseru said that the Nigerian cashew brand was presently gaining traction and referred to it as one of the best in the international market because of its good flavour that has given it an edge over other countries.
He called on the government to address the Apapa and Tin Can traffic situation as well as the slow clearing processes at the port to facilitate a seamless process in exports.
He added that it will enable exporters’ meet up with their contractual supply agreements in a timely manner.
Nigeria’s cashew is usually harvested between February-June, though farmers stock the crop and export it all year round.
The country is rated as the fourth-largest producer of cashew nuts in Africa and sixth in the world, with production estimated at 275,000 metric per annum in 2019 and is expected to reach 500,000 metric tons by 2025, according to the National Cashew Association of Nigeria.
Cashew has become a top-notch cash crop in Nigeria and it is one of the commodities focused on by the Buhari led government to revamp the Nigerian economy.
Cashew is eaten and also serves as industrial raw materials for firms producing chemicals, paints, varnishes, insecticides and fungicides, electrical conductress, and several types of oil among others.
Data from the National Bureau of Statistics shows that Nigeria exported N35.7 billion ($116million) worth of cashew in the first nine months of 2019.
It was exported to the United States, Vietnam, Russia, Germany, Italy and many parts of Europe.
Apart from helping to maintain a healthy heart and bones, cashew also helps in weight loss.
Nigerian cashew farmers are optimistic that prices for cashew nuts will be higher in 2020 when compared to 2019 when the country suffered a 60 percent drop in prices of the nuts.
“We expect a favourable price this year with farmers earning more this year than before,” said Ojo Ajanaku, chief executive officer, Seacos Nigeria Limited.
“With the quality and quantity of cashew I have seen so far on the field and report from members across major growing states, our cashew output will be more than what we harvested last year,” Ajanaku said.
He stated that farmers are very optimistic that 2020 crop production will surpass that of this year as many new trees will start producing coupled with the early fruiting of most trees in key producing states.
Since the Federal Government renewed focus on agriculture, cashew crop has risen in its profile, emerging as one of the top-five exported non-oil commodities.
Currently, the price for a metric ton of cashew for the current season is yet to be made available as the season will commence in February.
“Last year, the season closed with prices hovering between N350,000 and N210,000,” Olanrewaju Osifeso, chief executive officer of San-Jose said in a telephone response to questions.
Josephine Okojie
