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Nigeria stands to lose N30bn from cashew price crash — Arosanyin

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By Boluwaji Obahopo

LOKOJA —National Coordinator of Zero Hunger Commodity Associations, Dr Tunde Arosanyin, has called on the Federal Government to give adequate attention to the marketing process of cashew seeds in Nigeria.

Arosanyin said the call became imperative as Nigeria stands to lose over N30 billion this year from cashew price crash in the international market.

Arosanyin, who disclosed this while speaking with Vanguard in Lokoja, weekend, said: “This is as a result of so many factors. Among which are premature harvest by farmers and thieves competing with farmers over harvest; absence of value addition programme locally and  poor grading.

“In 2018, the country sold cashew nuts worth of N63.5 billion in second and third quarters. Then a ton at major markets in Ogbomoso, Enugu/Nsukka and Kogi State ranges from N800 – N700 per kilogram. Now in 2019, the same kilogram sells for  between N200 and N280 in the market mentioned above.

“The international markets will always take advantage of our carelessness, poverty and inadequate government protection. The consequences will have a toll on all as it will affect the country’s economy negatively with a downward GDP.”

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