Cashew nuts closed 2025 firmly in the green, rising over 30% to settle the year at N1,628 per kilogram, emerging as the only commodity to record positive returns on the AFEX Commodities Exchange.
The commodity outperformed key staples such as maize, paddy rice, cocoa, and wheat, as stronger market demand likely supported prices amid broad declines across the exchange.
Cashew nuts opened the year within the N1,230–N1,270 per kg range and rallied to a yearly high of N2,080 in July.
However, prices moderated in the second half of the year, retreating to the N1,600 region by year-end.
What the data is saying
According to data compiled from AFEX by Nairametrics Research, the average yield across eight major commodities on the exchange declined by 21.94% in 2025, highlighting a challenging year for commodity investors.
Cashew nuts stood out as the only commodity with positive price performance, posting gains of over 30%, signaling sustained demand across AFEX-accredited warehouses.
- In contrast, paddy rice was the worst performer, declining by over 49% as market prices softened.
- Wheat followed with a 45% drop, while maize fell by 43%.
- Other commodities recorded losses below 30%, with sorghum, cocoa, and soybeans declining by 28%, 23%, and 17%, respectively.
- Cleaned sesame closed the year flat at 0.00%.
While declining prices across food commodities may suggest easing food inflation—beneficial for consumers—it translated into losses for investors who entered positions at the start of the year.
Cashew nuts, however, proved to be a notable exception, delivering positive returns in 2025.
Global demand outlook
According to Fortune Business, the global cashew nuts market was valued at $3.42 billion in 2025 and is projected to reach $3.57 in 2026, and $4.98 billion by 2034, growing at a 4.25% CAGR.
Growth in the global cashew market is being driven by rising awareness of the nutritional benefits of tree nuts, including their protein content, healthy fats, and essential minerals.
Cashew nuts are increasingly used in snacks, plant-based dairy alternatives, and a wide range of culinary applications, according to Fortune Business.
Sustainability trends and evolving consumer preferences toward healthier diets have also strengthened demand, positioning cashew nuts as a preferred option among health-conscious consumers globally.
What you should know
On the AFEX Commodities Exchange, raw cashew nuts are traded with settlement conditions set as cash, with the produce stored in AFEX-accredited warehouses.
The commodity’s strong performance in 2025 highlights its resilience amid broader weakness across agricultural commodities.
It also reinforces its appeal to investors seeking exposure to demand-driven agri-assets.
