Key highlights
- FG plans to double cashew exports in 202 to $500 million.
- The value of total trade in agricultural goods in Q4 2022 stood at N615.42 billion.
- Cashew is the 5th leading non–oil exportable product in Nigeria
The Nigerian Government announced that it is targeting, Cashew exports from $252 million to $500 million in 2023.
This was disclosed by the Executive Director/CEO of NEPC, Dr. Ezra Yakusak said this at the organic cashew certification program in Nigeria for export reported by the News Agency of Nigeria.
He added that Nigeria exported 315,677 metric tonnes of raw cashew nuts worth in 2022.
Exports increase
The report stated that Dr. Ezra Yakusak said FG is committed to increasing Nigeria’s cashew export500 million dollars in 2023.
They added that the five-year program between NEPC, Nicert, Valency Limited, and PRO-Cashew is designed to accelerate growth in the non-oil export sector by supporting the Nigeria cashew sector and also facilitate a gradual shift from conventional cashew to organic ones which export guarantees niche market and premium pricing, the report said:
- “According to Yakusak the aim of the project is to support the Nigeria cashew sector and increase cashew productivity and efficiency, improve crop quality, and improve harvest and post-harvest techniques.
- “While noting that Nigeria exported 315,677 metric tonnes of raw cashew nuts worth 252 million dollars, which accounts for 5.24 percent of Nigeria’s non-oil export portfolio in 2022, Yakusak said there was the need for value-addition.
Non-oil exports
The export promotion chief also hinted that cashew was the 5th leading non–oil exportable product in Nigeria, he said:
- “In 2022, our non-oil performance export performance indicated that cashew was the 5thleading non–oil exportable product in Nigeria.
- “We felt that we need to encourage this product and ensure that the potential from cashew is better harnessed.
- “We exported cashew worth about 252 million dollars in 2022 and with the launch of the project we hope to double it this year.’’
He urged that Nigeria has not yet reached its full potential with cashew exports, addingNigeria’s cashew export trade was largely hampered by non-adherence to food safety standards, lack of traceability, low yield per hectare, poor practices, and aging trees among others.
On her part, Ms. Annabel Kamuche, Group Managing Director, Nicert, a private organization providing international certification for export products, said that Nigeria could reduce reliance on harmful and toxic chemicals by choosing organic farming methods.
- “As we continue to face challenges related to climate change and environmental degradation, it is critical that we adopt sustainable practices that minimize harm to the planet and support local communities.
- “It is a thing of pride for Nigeria that it has started making a mark in the usage of organic products where apart from cashew, crops like turmeric, honey sesame, soybean, and hibiscus are gaining substantial grounds.
What you should know
The National Bureau of Statistics (NBS) in its latest Foreign Trade Statistics Report that superior-quality cocoa beans topped Nigeria’s agricultural exports in the fourth quarter of 2022.
The report stated that the export of agricultural products was dominated by superior quality cocoa beans valued at N74.65 billion, followed by sesamum seeds valued at N38.56 billion and standard quality cocoa beans valued at N14.16 billion.
Total trade in agricultural products
According to the report, the value of total trade in agricultural goods in Q4 2022 stood at N615.42 billion. Meanwhile, exports were valued at N170.59 billion during the period highlighted.
Agricultural product exports increased by 102.59% from the Q3 2022 value of ₦84.21 billion and by 28.54% from the Q4 2021 value of ₦132.71 billion.
The total imports of agricultural goods in the fourth quarter of 2022 stood at N444.82 billion, which is 8.29% of total imports in the period highlighted. The major agriculture goods imported in Q4 2022, were;
- Durum wheat (not in seeds) from Latvia is worth N46.28 billion and the same commodity from Lithuania is worth N41.54 billion.
- Fractions of palm oil (not for human consumption) from Malaysia valued at N43.27 billion.
What FG target on paper is different from what is going on ground.