January 16, 2018

Nigeria earns N144.7bn from cashew export

Ripe Cashew

LAGOS—THE National Cashew Association of Nigeria, NCAN, yesterday said Nigeria earned N144.7 billion ($402 million) from the export of raw cashew nuts to Vietnam and other countries in 2017.

Ripe Cashew

Mr Sotonye Anga, the spokesperson for the association, said in an interview in Lagos.
Anga said that 220,000 tonnes of raw cashew nuts were exported to Vietnam, India and China between February and December 2017.

“The latest development has been interesting because just last week, we got Nigeria’s final export position from Vietnam, which was quite revealing. Out of the 220,000 tonnes of exported raw cashew nuts, Vietnam accounted for 181,753 tonnes, while 38,247 tonnes went to India, China and other countries in the last 11 months.

Cashew production in Nigeria for 2015 was 160,000 tonnes, which fetched the country 152 million U.S. dollars (about N57.6 billion) revenue. In 2016, we exported 185,000 tonnes of cashew nuts and earned 259 million dollars (aboutN93.2 billion),” he said.

Anga stressed that cashhew was a consistent foreign exchange earner and an international crop with huge economic value.
“These figures have shown the potential of the cashew and with increased crop growing; we have seen a reverse trend of urban to rural migration. Many urban dwellers are now going back to villages to take up farming and a lot more jobs have been created,” he added.