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  • Nigeria earns N13.5 billion from cashew nuts

    Oct 1st, 2017

    The minister of agriculture and rural development, Audu Ogbeh, on Thursday, September 29, said Nigeria earns N13.5 billion quarterly from exportation of cashew nuts. Ogbeh while making a presentation at the National Executive Council meeting said Nigeria's agricultural export in the second quarter of the year was largely driven by cashew nuts. At the meeting which was presided over by the vice president, Yemi Osinbajo, the minister said the country has been under immense pressure to diversify the economy away from oil.

    He said the money earned from cashew nuts exportation represents 45.5% of the total agriculture exports and 1.37% of Nigeria's total export for the quarter. Ogbeh said, so far, the exportation of cashew nuts to Vietnam is at N12.16 billion while India and Kazakhstan stands at N1.4 billion and N6.34 million respectively. He also said, representing 23% of the total agricultural export, the sesame seeds currently yield N7 billion.

    The minister also said that other export items including shrimps and prawns earn Nigeria N.6 billion - 9.6% of the total agricultural expenditure. The shrimps and prawns, the minister said are majorly exported to Netherlands at N1.5 billion; Belgium at N0.67 billion; United States at N0.22 billion; France at N0.17 billion; and Spain at N87 million.