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Business

Nigeria produces 120,000 tonnes of cashew annually

NCAN says Nigeria produces 120,000 tonnes of cashew annually.

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Nigeria’s agricultural sector driven by public, private and developmental investments - AFEX 

Mr Ojo Ajanaku, the National President of the National Cashew Association of Nigeria (NCAN) in a recent workshop has disclosed that Nigeria produces 120,000 tonnes of cashew annually.

This disclosure was made by him today at a workshop on cashew and apple processing which was organized in Auchi, Edo State, in collaboration with the Federal Ministry of Industry, Trade and Investment.

According to a report by the News Agency of Nigeria (NAN), Mr Ajanaku in his statement revealed that Nigeria is the 6th largest producer of cashew in the world.

He noted that the annual production of Cashew in Nigeria is at 120,000 tonnes, while the total annual trade value of Cashew is worth N24 billion.

Ajanaku called on smallholder farmers (SHF) and other key players in the agricultural sector to consider going into the cashew business, as this would enable them to tap into the huge economic benefits embedded in the Cashew business.

What they are saying 

Mr Ajanaku said, “We are glad to witness the prosperity of cashew farmers in Nigeria. This shows that NCAN is working and in collaboration with government and our development partners.

The current global market trends show an increasing and strong demand for cashew and Nigeria will continue to deliver its quota and remain relevant in the cashew world.”

Mrs Millicent Oare, a resource person who spoke on the huge gains in the cashew apple processing value chain, described the cashew tree as a complete tree with several economic importance.

She also noted that “Lack of knowledge and skills in the processing and marketing of cashew apple products are challenges in Nigeria.”

What you should know

  • In line with the huge prospect embedded in the Cashew industry, the nation’s cashew production has been projected to hit 300,000 metric tonnes of cashew by 2030. This is expected to place the country in the rank of leading cashew producer in the world.
  • According to a report by Nairametrics, Nigeria generated a total sum of N38.2 billion from cashew nuts export in one year, between March 2019 and March 2020.
  • Cashew, over the years, has proven its weight as a major export commodity for Nigeria, especially in the agricultural sector, as it is Nigeria’s 3rd biggest agricultural export product.

Omokolade Ajayi is a graduate of Economics, and a certificate holder of the CFA Institute’s Investment Foundation Program. He is a business analyst, and equity market researcher, with wealth of experience as a retail investor. He is a business owner and a stern advocate of Financial literacy, who believes in the huge economic prospect of the Nigerian Payment channels and Fintech space.

1 Comment

1 Comment

  1. Anonymous

    February 17, 2021 at 12:07 am

    la production nationale de noix de cajou devrait atteindre 300 000 tonnes métriques de cajou d’ici 2030.Cela devrait placer le pays au rang de premier producteur de cajou au monde.le Nigéria.

    Mai la Côte d’Ivoire est déjà producteur de 800 000 tonnes par an ?

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Business

Lagos seals 35 building sites after visits to Magodo, Ogudu, Eti-Osa, others

This enforcement of its physical planning laws is being carried out by LASBCA and the LASPPPA on behalf of the state government.

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Sanwo-Olu announces Lekki/Ikoyi toll gate to fully go cashless

The Lagos State Government has commenced the massive enforcement of its physical planning laws to prevent building collapse and illegal developments, as it sealed 35 building sites for various contraventions.

This exercise is being carried out by the Lagos State Building Control Agency (LASBCA) and Lagos State Physical Planning Permit Authority (LASPPPA) on behalf of the state government, with the team visiting several construction sites and buildings in Eti-Osa, Magodo, Ogudu, Gbagada Phase II and several other Local Government Areas.

According to a report from the News Agency of Nigeria (NAN), this disclosure was contained in a statement issued by Mr Gbadeyan Abdulraheem, Spokesman for LASBCA, on Tuesday, March 2, 2021.

He said the enforcement was to prevent haphazard construction from preliminary stages and to stop distressed buildings from causing havoc.

Abdulraheem said the enforcement team was led by Mr Gbolahan Oki, the General Manager of LABSCA. He added that LASBCA sealed a distressed building at No. 33 Oko Baba Street, Ebute Metta and dispersed children using the building as a school.

Oki said 35 sites were sealed for various contraventions including illegal demolition, construction without permit and failure to obtain necessary authorisation from LASBCA and LASPPPA.

Oki said, “The enforcement drive will be a continuous exercise.’’

The general manager appealed to Lagos residents to follow proper channels in processing their construction works and obtaining necessary permits from the state government.

He said the Governor Babajide Sanwo-Olu administration was committed to ensuring that buildings in Lagos state were designed, constructed and maintained to high standards of safety so as to avoid loss of lives and property, through the existing building regulatory system.

Oki said LASPPPA’s role was to ascertain and validate the approvals obtained by the various construction sites visited, as well as monitor layouts and development schemes.

He added that LABSCA, on the other hand, was for the identification of distressed and non-conforming buildings and inspection/certification of various stages of building construction works.

What you should know

  • The Lagos State Government has for several months been on an enforcement drive of the state’s physical planning laws, so as to restore order and prevent the distortion of the ecosystem of the entire state and preserve the environment.
  • This has led to the demolition of illegal structures that either did not get approval or did not conform to the approved building plan or physical planning laws in such areas as Lekki Phase 1, Ikoyi, Magodo, Ogudu GRA, Ajao Estate, Ikeja and so on.

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Business

Nigeria signs pact with Morocco’s OCP Group to aid fertilizer production

The pact is expected to utilize Nigerian gas and Moroccan phosphate to produce 750,000 tons of ammonia and one million tons of phosphate fertilizers.

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Nigeria has signed a pact with OCP Africa to aid the second phase of the Nigerian Presidential Fertilizer Initiative in Morocco. The pact was signed by the Nigerian delegation led by the Minister of State for Petroleum, Timipre Sylva and officials of Nigeria Sovereign Investment Authority (NSIA).

This was disclosed in a statement issued by NSIA and seen by Nairametrics on Tuesday.

This is expected to utilize Nigerian gas and Moroccan phosphate to produce 750,000 tons of ammonia and one million tons of phosphate fertilizers annually by 2025.

To achieve the 750,000 tons target, a number of agreements were signed between OCP Africa, the Fertilizer Producers and Suppliers Association of Nigeria, and the NSIA in order to commit to the second phase of the Nigerian Presidential Fertilizer Initiative.

Similarly, a Shareholders’ Agreement was also signed between OCP Africa and the NSIA for the creation of the Joint Venture Company. This agreement would oversee the development of a versatile industrial platform that will produce ammonia and fertilizers in Nigeria.

It stated, “a Memorandum of Understanding between OCP Africa, the Nigerian National Petroleum Corporation, and NSIA was sealed. The objective of this pact is to evaluate the opportunity of an equity investment by the NNPC in the JVC and for its support on gas.”

What you should know

  • The business visit is a follow up to the industrial project which was officially launched in June 2018 following the success of the first phase of the Presidential Fertilizer Initiative supported by OCP.
  • Through these agreements, the OCP Group has confirmed its commitment to the development of sustainable and inclusive agriculture in Nigeria.
  • The project was first announced during the official visit to Morocco of President Muhammadu Buhari and it is aimed at developing a versatile industrial platform in Nigeria.
  • Recall that in 2016, OCP Group first partnered with the Fertilizer Producers and Suppliers Association of Nigeria under the Presidential Fertilizer Initiative, supported by the Nigerian Sovereign Investment Authority.
  • This collaboration stretched across the entire agricultural value chain, from the introduction of customized fertilizers adapted to local soils and crops to improving the availability of fertilizers in the local market at competitive prices.
  • The partnership also included farmer support initiatives, supply chain development projects along with the strengthening of a close distribution system.
  • These joint efforts have led to the renovation of 13 blending units and packaging for fertilizers and installation by private operators of more than 14 new factories.

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