Find Out How Much Cashew Nuts Export Contributes To The Economy

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• The National Cashew Association of Nigeria (NCAN) on Thursday said that export of cashew nuts from the 2015 planting season had contributed about N50 billion to the economy.
• The association’s spokesman, Mr Sotonye Anga, said in Lagos that the sub-sector hitherto, contributed about N24 billion in 2013 and 2014.
• Anga said the significant growth was because farmers did not compromise on the quality of cashew nuts resulting in increased demand for the produce.

“For 2015, because of the significant growth in pricing and increased demand for Nigeria’s cashew, what the cashew sector contributed to the Nigerian economy is about N50 billion.

“That is an improvement in the export of raw cashew.

Whereas in 2013 and 2014, the sub-sector contributed about 24 billion.

“This year, having made the N50 billion mark, the global expectation for the next season is going to increase.

“This figure could be more but because of export through our porous borders we could not account for those ones,” he said.

• The price of raw cashew nut per metric ton also recorded an increase, selling at N170, 000 during the 2015 season.
• Source: Hallmark