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Cashew export generate $250m in 2022

Cashew export generate $250m in 2022
Photo by Sandi Benedicta- Ask Nigeria

Exports of cashew nuts is projected to generate about $500million in 2023.

Nigeria’s cashew exports have been on the rise, with the country earning $250 million from cashew nut exports in 2022, as revealed by Dr. Mohammad Mahood Abubakar, minister of agriculture and rural development. Cashew nuts in shells accounted for 29.11 percent of all agricultural exports in the second quarter of 2022, per data from the National Bureau of Statistics (NBS). Dr Abubakar, represented by Dr. Ernest Afolabi Umakhihe, the Ministry’s Permanent Secretary, made the announcement during the lunch of the Nigeria Cashew Day and Cashew Season flag-off ceremony, themed “Industrializing the Nigeria Cashew Sector through Inclusive Policies.”

He voiced concern that only approximately 10% of the 250,000MT of cashew nuts produced in Nigeria yearly were being processed locally. Dr. Abubakar estimates that by 2023, Nigerian farmers will have earned over $500 million from the sale of cashew nuts, which by the end of 2022 generated over $250 million and accounted for approximately 10 percent of the country’s agricultural export. Dr. Abubakar urges farmers to maintain their cooperative spirit and rhythmic harmony in this regard.

FG is working to boost cashew as part of its ISS.

Further, he argued that harmonizing is the only way to make substantial headway towards achieving sustainable development in the cashew industry. Also, in helping the current administration complete its objective to diversify the economy. It’s worth noting that Nigeria’s cashew crop has become increasingly valuable as an export commodity since the 1990s. According to the 2022 Export Data, cashew is expected to contribute more than 10% of GDP, making it a major non-oil export contributor for the country.

Cashew is currently cultivated in over 27 states in Nigeria in the Federal capital territory and has greater potential for increased production than any of its contemporary like cocoa and palm oil. As a result of this success, it is now widely considered a viable cash crop in the country. Through the Federal Ministry of Agriculture and Rural Development, the administration of President Muhammadu Buhari is working to boost cashew as part of its Import Substitution Strategy.

Nigeria is the continent’s fifth-largest cashew producer.

According to Dr. Abubakar, just about 10% of the 250,000MT of cashew nuts produced in Nigeria are processed before being sold to cashew buying agents for export. While some cashew were eaten raw, the majority were wasted because of a lack of infrastructure for processing cashew-based products including cashew juice, jam, and ice cream. This indicates that substantial quantities of cashew are being shipped overseas. In his speech, Ojo Joseph Ajanaku, president of the Nigerian Cashew Association (NCAN), said that Nigeria is the continent’s fifth-largest cashew producer, behind the Ivory Coast and Ghana.

Ajanaku stated that the cashew market increased and grew consistently by 11% over the past three years. When this is taken into account, it is clear that the subsector has the potential to propel the country’s overall revenue generation, job creation, and economic diversification. Edo State Governor Mr. Godwin Obaseki, speaking through the state’s Commissioner for Agriculture and Food Security, Mr. Stephen Idehenre, expressed optimism that the event would bring in new investment, spread useful information, and help bring the cashew industry into greater harmony, all to the benefit of the state’s economy.

150,000 cashew seedlings would be distributed to farmers in Edo.

He further emphasized the necessity of policies in fostering effective economic growth and development citing an example of the state collaboration in the private sector to grow the oil Palm and cassava value chains. According to the state governor, a total of 62,500 hectares have been allocated to nine investors in this respect. Access for farmers is also being made easier in an effort to increase output. In 2023, the state plans to give out 40,000 cocoa seedlings to cocoa farmers. He also guaranteed the distribution of 150,000 cashew seedlings through a partnership with PRO- cashew, a USDA-funded project being carried out by nurturing new frontiers in Agriculture.


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Admin
1
2 months ago

Cashew export generate $250m in 2022Exports of cashew nuts is projected to generate about $500million in 2023. – Express your point of view.

Abusi
Member
9
1 month ago

This is a nice development in the agricultural sector. It shows we have invested in it and I hope we invest more in the cash crops for export purposes

Member
8
1 month ago

Cashew exports from Nigeria have been increasing, and it is expected that the government would make a significant amount of money from cashew nut exports in 2022.

Member
8
1 month ago

the declaration that was made during the lunch of the ceremony that kicked off Nigeria Cashew Day and Cashew Season,

Member
8
1 month ago

Farmers in Nigeria will have made a significant amount of money from the sale of cashew nuts, which, by the end of 2022, generated more than $250 million in revenue.

Member
8
1 month ago

.

Last edited 1 month ago by Adesanyaj72
Member
8
1 month ago

Harmonizing is the only method to make significant progress toward achieving sustainable development in the cashew business, so it is imperative that you do so.

Member
8
1 month ago

It is excellent, and significant quantities of cashew are being sent to countries outside of the country.

Member
8
1 month ago

All of these things, which would be beneficial to the economy of the state, would be brought in as a result of the event, which would bring in new investment, share good information, and help bring the cashew industry into greater harmony.

Member
8
1 month ago

In accordance with the Import Substitution Strategy, the administration of President Muhammadu Buhari is making efforts to develop the cashew industry.

Member
9
1 month ago

Cashew exports from Nigeria have been increasing, and it is expected that the government would make a significant amount of money from cashew nut exports in 2022.

Member
9
1 month ago

Cashew export generate $250m in 2022. This is very nice generating incoming for the country. We can do more

Member
8
1 month ago

Agriculture sector is an area that the country can rely on for sustainers. If Cashew exported generate $250m in 2022 then government should look into this area to generate revenue.

Member
8
1 month ago

If cashew can generate $250m on exportation then it is an area the federal government should also invest into to generate revenue for the country.

Member
9
1 month ago

The export of cashew generate is increasing that is nice we should put more in our agriculture so we can be generating more from it

Member
8
1 month ago

Cashew has a bigger potential for production growth than any of its contemporaries, such as cocoa and palm oil, and is already grown in over 27 states in Nigeria, including the Federal Capital Territory.

Member
8
1 month ago

The nation’s ability to maintain its current level of living may largely be attributed to the agricultural sector. If cashew exports continue to earn $250 million in 2022, the government ought to investigate this field as a potential source of revenue.

Member
8
1 month ago

By the end of the year 2022, cashew nut sales in Nigeria will have brought in more than $250 million in income, which would have resulted in the farmers there making a large amount of money.

Member
8
1 month ago

Nigeria’s cashew exports have been rising, and in 2022, it is anticipated that the government will profit significantly from the sale of cashew nuts.

Member
8
1 month ago

The government of Nigeria stands to gain a sizable sum of money from cashew nut exports in 2022, as exports have been on the rise.

Member
8
1 month ago

As a result of the event, all of these things, which would be advantageous to the economy of the state, would be brought in. The event would bring in new investment, share useful information, and assist in bringing the cashew sector into greater harmony.

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