… farmers adhering to good agric practices
Josephine Okojie with agency report
Cashew farmers and exporters in Nigeria are targeting $480 million earnings from the export of cashew nuts in 2018, as harvest commences in producing states across the country.
Tola Faseru, national president, National Cashew Association (NCAN), told newsmen recently that, “If the crop comes out better, at least reaching $480 million this year and with the push on value addition, by next year, we should have bigger result.
“Export is one area that requires finance, huge capital. We want about N20 billion to pursue the campaign for this year, so that people can have access to funding with less rigidity and low interest rates.’’
Faseru said Nigeria’s cashew brand was presently gaining traction and was considered as the best in the international market. He further observed that the association had set up a four-year cashew development road map to boost productivity.
Cashew has become a top-notch cash crop in Nigeria and is eaten and also serves as industrial raw materials in firms producing chemicals, paints, varnishes, insecticides and fungicides, electrical conductors and several types of oil.
It is exported to the United States, India, Spain, and many parts of Europe. Apart from helping to maintain a healthy heart and bones, cashew helps in weight loss.
“The cashew industry is making a lot of progress and the crop has done impressively this year based on what I have seen across key producing state i have visited this year,” Anga Sotonye, publicity secretary, National Cashew Association of Nigeria (NCAN), said in a telephone response to BusinessDay questions.
“We have put in place the structure that ensures quality. Farmers are now drying their cashew nuts properly and packaging them well using jute bags because they know that cashew farming is now a serious business,” Sotonye said.
Nigeria’s cashew is usually harvested between February-June, though farmers stock the crop and export it all year round.
Nigeria is rated as the fourth largest producer of cashew nuts in Africa and sixth in the world, with a 160 thousand metric per annum and is expected to reach 500,000 metric tons by 2020.
Currently, a metric ton of cashew is being sold for N500,000MT a ton at local market while it fluctuates between $1,400 and $1,700MT per ton at the international market as at the time of writing.
