Why Nigeria is losing from cashew export

The National Cashew Association of Nigeria (NCAN) has said 90 per cent of cashew cultivated in Nigeria is exported in its raw form, causing the sector to incur losses in every export. NCAN’s Secretary-General, Mr. Sotonye Anga, who spoke in Lagos, said the country loses during every export because “we do not get enough value […]

The National Cashew Association of Nigeria (NCAN) has said 90 per cent of cashew cultivated in Nigeria is exported in its raw form, causing the sector to incur losses in every export.

NCAN’s Secretary-General, Mr. Sotonye Anga, who spoke in Lagos, said the country loses during every export because “we do not get enough value for the crop as lucrative as it is.”

• Why farmers seek Anchor Borrowers expansion
• Nigeria-China N720bn currency swap deal on slow pace 3 years after

“When we export raw cashew, we are also exporting our jobs and that is why the government and other relevant stakeholders must provide an enabling environment, in order to promote the sector to its highest potentials,” he said.

Anga said the country produces 260,000 metric tonnes of cashew annually, out of which 90 per cent is exported raw.

“We are still lagging behind in terms of processing; less than 10 per cent of the cashew nut is processed in Nigeria. The government has to be focused, in order to boost cashew production to 30 or 50 per cent at least.

“The targets have to be measurable and these things are achievable if we provide the enabling environment. We have to incentivize the cashew sector in Nigeria,” he said.

Anga added: “If the government decides to create a N30 to N200bn cashew development fund within five years, the sector will transform into one of the biggest economic contributors in Nigeria.

“This investment will create one of the most versatile income streams that will bring great pride to the country. Everything cashew is for export. The cashew oil, kernel, apple and nuts are exportable.” (NAN)