Agric: Cashew crops export Will Generate $4.5bn Yearly for Nigeria – NEPC

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Cashew

Nigerian Export Promotion Council (NEPC) in promote the development and diversification of Nigerian’s export trade and national promotional service of Nigeria images and products.

Head, Corporate Communications, Mr. Joe Itah while representing the Executive Director of Nigeria Export Promotion Council, Mr. Olusegun Awolowo disclosed That the Federal Government of Nigeria can generate revenue up to 4.5 billion annually from agricultural products Cashew exportation in Abuja at a facility inspection to the Valency Cashew Processing Limited, urged the company to sustain its production capacity and focus more on value-addition for the product.

He further stated that “In view (of the need) to scale up production and processing of cashew for exports for more foreign exchange for the country, I implore the company to pay attention to quality standard and value-addition of cashew crops for exports.

“This is because the commodity commands a global export value of over $4.5bn annually, which Nigeria should aim to grab a fair market share’’.

It was further disclosed that in 2015, Nigeria produced a 160,000 tonnes of cashew nuts worth over $253m for exports.

That the larger quantity of the production capacity is Raw Cashew Nuts whereas processing even 50 per cent of same volume will create about 9,000 jobs.

That cashew was one of the 13 National Strategic Export Products chosen by Federal Government under Category B of Zero Oil Plan.

That it was one of the strategies highlighted in the recently launched Economic Recovery and Growth Plan (ERGP) to emancipate Nigeria from dependence on oil for survival.

Mr. Basba-Nand Balodi,  Managing Director of  Valency Cashew Processing Limited, disclosed that lack of funds for acquisition of modern processing machines and inadequate export incentives post challenge.

Others challenges were the dearth of infrastructure, particularly power and roads which ultimately increased cost of doing business, making the product less competitive.

He further concluded by thanking the Nigerian Export Promotion Council (NEPC) in bolstering the non-oil export economic sector through continuous engagements, empowerment and interventions on proactive programmes that would usher best practices and promote the ease of doing business in Nigeria.

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