Nigeria earns $250m from cashew exports yearly – exporters

December 30, 2015

The President of the National Cashew Association of Nigeria (NCAN), Mr. Tola Faseru has said that Nigeria’s cashew export is worth $250 million yearly. Faseru said in Lagos on Tuesday that the average export price was on the increase yearly with increased demand coming from consuming nations.

According to him, Vietnam and India are Nigeria’s largest buyers. He explained that globally, stocks of nuts, including cashew in North America and Europe had been low, while global demand had increased. “This offers good prospects for Nigeria’s cashew industry this year,” he said, adding that the industry is expected to earn $250 million from export of 180,000 tonnes of cashew nut.

He noted that global demand for cashew nut is expected to rise and urged exporters to pay more attention to improving the product quality to enhance export. Faseru said the industry was aiming to increase cashew cultivation area nationwide and produce 500,000 tonnes by 2020. He said the association was working with farmers and the government to develop cashew growing areas and giving technical support to farmers to help them increase profits.

Source: en.starafrica.com