Cashew: Poor Pricing Pegs Nigeria’s Export Value At N281bn

Despite its premium quality nuts, poor pricing has limited the value of Nigerian cashew exports to $186.5 million from 273,000 tonnes shipment in the last 15 months. The earnings represent 14 per cent of $1.44 billion their competitors earned in the period, leading to a shortage of N1.3 billion or 86 per cent. It was learnt that while a tonne of the nuts cost $5,311 as at June 30, 2024, the same was sold at $664 in Nigeria.

Data by the National Bureau of Statistics (NBS) explained that the 2023 earning was $128.9 million and $57.6 million in Q1’24. Findings revealed that 70 per cent of the total nuts were exported to Vietnam in 2023. Nigeria is a leading exporter of premium quality raw cashew nuts, with an average 48 kernel yield…

Read more at Newtelegraphng

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