Nigeria may earn N50b from cashew

Nigeria may export at least 200,000 tonnes of cashew nut this year. This could earn it about N50 billion, the National President, National Cashew Alliance of Nigeria( NCAN), Tola Faseru, has said.

The industry generates over N23 billion.

Faseru said cashew nut export would increase in volume and value against last year's figures, enhancing the nation’s status as a leading exporter.

He said operators are working to ensure raw cashew resources complied with international hygiene and food safety standards .

To boost its prices at the world market, he said the association was striving to improve the quality of cashew nut.

He said India, which previously rejected the nation’s exports has shown interest it cashew, adding that Vietnam buys 90 per cent of the exports. He said the order from India would boost the overall earnings from the commodity.

He explained that the profitability of cashew nut depends largely on unblemished kernels after shelling, stating that the grading of cashews is determined by international quality standards.

Getting quality nut, he said, is determined by some factors including variety, growing conditions, husbandry, harvesting practices and post-harvest techniques for drying and storage. He disclosed that his association has embarked on educating farmers on how to grow better nuts that will fetch highest prices in the market.

Faseru said the nation’s cashews are shipped to India for processing, where they are mixed with those from other countries, adding that by exporting raw nuts, the nation was losing a major opportunity to add value.

To improve on the situation, he said the association is supporting the establishment of shelling plants to add value. This, he said, would create employment, as well as enhance the value of exports.

He said Nigeria could earn about N200 billion annually if it invested heavily in cashew production.

At the moment, Faseru said, Nigeria produces about 100,000 tonnes of cashew nut, stating that in three years, the association would increase production to about 200,000 tonnes yearly.

He said improving the qualityis an important aspect the association is focusing on, maintaining that cashew nut must meet international standard.

“Nigeria’s cashew nut commands the lowest price in the world because of its quality and we are going to see to it that we take our rightful place,”he said.

Source: http://www.thenationonlineng.net/2011/index.php/business/agriculture/40679-nigeria-may-earn-n50b-from-cashew.html