Nigeria’s Earnings From Export Of Cashew Nuts Hits $253m in 2015

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The National Cashew Association of Nigeria (NCAN) has said that the export of cashew nuts from the 2015 planting season contributed about N50 billion (about $253m) to the Nigerian economy.

APA reports that the spokesman of the NCAN, Mr. Sotonye Anga, told journalists in Lagos that the sub-sector hitherto, contributed about N24 billion (about $121m) in 2013 and 2014.

Anga explained that the significant growth was because farmers did not compromise on the quality of cashew nuts resulting in increased demand for the produce.

“For 2015, because of the significant growth in pricing and increased demand for Nigeria’s cashew, what the cashew sector contributed to the Nigerian economy is about N50 billion (about $253m).

“That is an improvement in the export of raw cashew. Whereas in 2013 and 2014, the sub-sector contributed about N24 billion (about $121m). This year, having made the N50 billion (about $253m) mark, the global expectation for the next season is going to increase.

“This figure could be more but because of export through our porous borders we could not account for those ones,” he said.

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