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  • Cashew Capable Of Generating $450m Export Earning In 2018 – Sotonye

    Mar 16th, 2018

    The National Publicity Secretary of the National Cashew Association of Nigeria (NCAN), Anga Sotonye, has affirmed that the industry is expecting to generate over $450million on cashew export this year. Sotonye gave the hint while speaking in a telephone interview with DAILY INDEPENDENT, stating that the outlook for this year is very good and harvest has been remarkable. According to him, farmers have expressed optimism on a positive outlook for the sector this year just as early fruiting of cashew trees in major cashew producing states in the country is expected to bring about the bumper harvest that this year. He stated that all the indices are right plus including favourable weather and sustained quality control, stressing that the industry is expecting an output of between 200,000 to 240,000 metric tonnes for the season. “We harvested a total of 175,000 metric tonnes in 2017 and having done our cashew survey for some key producing states, the outlook for 2018 is very good and harvest has been remarkable; pricing has been right because we are seeing price rise above N600, 000 per ton at the local market. “All the indices are right plus the favourable weather, quality control maintained output has been remarkably good. We are expecting the output of between 200,000 to 240,000 metric tonnes,” He specifically said: “We are going to see that our harvest in 2018 will be one of the most wonderful cashews we are going to have , and it is also interesting to note that most new cashew plantations are now ready for harvest and will also be added to increase our volume. “All of this will turn out to be in the best interest of the cashew industry which means for 2018 our farmers will make more money because the pricing for cashew will also significantly increase” Pointing out that the demand for cashew is stable while appetite for the Nigerian species is on the increase; Anga envisages that given the right expectations it will generate export earnings during the year. “Demand is stable the appetite for Nigerian cashew is on the increase. We are expecting with all of these stable conditions, around $400million to $450milion for 2018. That is our expectation. “If everything goes right that should easily be accomplished because so far demand has been very strong, very stable and the pricing has been very good. Cashew is now N600, 000 per ton and that price have been sustained consistently and from the beginning of the season and expectation is very high the appetite is rising, harvest has been good, the output is interesting; so we are expecting farmers to be happy at the end,” he said. Speaking on the international pricing of the cashed in the global market, Sotonye noted that price moves around $2000 which gives the players in the value chain a reasonable margin.