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  • Why Cashew Trading Reports Take Positive Outlook For Local Processing Industry 03/05/2023

    Mar 5th, 2023

    Nigeria , as major and growing player in the cashew industry, ranking among top countries globally for sourcing cashew, produces about 300,000 metric tons of raw cashew nuts (RCN) every year making her the second largest producer of this nut in Africa after Ivory Coast with an estimated annual production of over 800,000 metric tonnes The Nigerian harvest season starts in late January and it is followed by trading – buying and selling- of the RCN by local buying agents, local processors and RCN exporters. In 2022, Nigeria exported over $250 million worth of raw cashew nut according to the federal government. 2. MegaMillions – MPU Cashew export in raw form is Nigeria’s second largest non-oil export product in revenue terms according to NBS statistics. The Nigeria Agribusiness Register, a food and agribusiness ecosystem enabler project which provides market information and market intelligence services amongst other investment related services across several commodity markets including cashew markets, held its Cashew Market Outlook Report for 2023 on Thursday, Feb. 23. The report was presented by Mr Roland Oroh, a cashew sector analyst and founder and director of the Agribusiness Register. The presentation which was virtual was attended by stakeholders from farmers associations, government representatives, and research and development institutions. Also, donor funded projects supporting the cashew sector, trading and exporting companies, local buying agents, financial institutions, and others from outside the country attended the event. The high point of the presentation was the official launch and media presentation of the Nigeria Cashew Technical Assistance Facility (NiCTAF), a new product from the Agribusiness Register to offer technical services to increase RCN production and processing and brand development of kernels of Nigerian origin to the international market, amongst other services. The Nigeria Agribusiness Register is the agribusiness investment facilitation arm of Commodities Development Initiative (CDI). The register is an ecosystem, Agricultural value chain facilitation, enabler project supporting food and agribusiness investments in Nigeria and West Africa to scale with investment and business development services including market information and market intelligence services. According to Oroh, Nigeria is estimated to have a good crop in 2023 following good weather conditions in most of the key production zones namely Kogi, Kwara, Ogbomosho and some parts of the eastern region. The quality of RCN is also reported to be good quality with kernel outturn report (KOR) of 48-50 Ibs. Following the flag-off and commencement of trading for the year by the National Cashew Association of Nigeria (NCAN) in Benin City, Edo, on Jan. 24, 2023, price of RCN kicked off at around N400 per kilogram (wet form). The outlook report observes a consistent price increase since inception of the trading season with current prices in the N510-N600 per kilogram range.