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  • ‘Nigeria cashew exports may fall’

    Jan 28th, 2019

    Nigeria cashew exports could drop this year as exporters continue to fail on delivering on time to importers due to delay in shipments. Speaking with The Nation, the Executive Secretary/Chief Executive Officer (CEO) Institute of Export Operations and Management (IEOM), Mr. Ofon Udofia, said about 37 metric tonnes of cashew were lying in Vietnam ports, as importers are asking the exporters to sell at lower the price because the commodity arrived later than the contract period. The raw nut prices range from between $2,100 to $2,400 per ton.

    He said Nigeria’s hope of exceeding earnings of $402 million from cashew exports this year is threatened, due to the plummeting international prices of the nuts. He said the traffic situation at Apapa Ports is causing serious challenge to the nation’s agri exports following delay in shipments.He added that Nigeria’s cashew exports could drop due to falling prices in overseas markets.

    On the infrastructure front, Udofia wants the government to improve ports charged with handling agric exports. Most stakeholders are advocating a comprehensive plan to boost cashew production nationwide. These include empowering big, micro-processors and enterprising individuals in cashew nut value addition and ensuring small entrepreneurs get good prices for the crop and restore farmers’ confidence in cashew nut growing. Currently, higher operational costs are putting pressure on the cashew industry with many processors and exporters facing adverse credit profile. Nigeria produced 220,000 metric tonnes of cashew nuts out of World’s 2.1 million tons last year.


    Source: http://thenationonlineng.net