MINISTER of Agriculture and Rural Development, Mr Audu Ogbeh, on Tuesday said that the country would start processing its raw cashew nuts for export by 2019.Ogbeh made this known at the maiden edition of the 2017 First Bank Agric Expo in Lagos. The expo is tagged: Reinventing Agriculture for Sustainable National Development. According to him, the current worth of a tone of roasted or processed cashew nut for export is $10,000 while the raw cashew nut is sold for $1,200.He said it would be better to process the nuts for export instead of exporting raw cashew
nuts in order to benefit from Nigeria is to start exporting processed cashew nuts by 2019, according to the Minister of Agriculture and Rural Development, Audu Ogbeh. Ogbeh who disclosed this on Tuesday at the maiden edition of the 2017 First Bank Agric Expo in Lagos, said that currently a tonne of processed cashew nut when exported is sold for $10,000 while the raw cashew nut is sold at $1,200. He explained that it would be beneficial to process the nuts and export rather than exporting the nuts raw. “So in the next two years
we will no longer export raw cashew nuts, but roast the cashew nuts for export. If we produce a tonne of roasted cashew it will be sold at the international price of $10,000, whereas a ton of raw cashew nuts sells for $1,200.” Nigeria’s inability to process cashew nuts in significant quantities for export resulted in the loss of $1.4 billion in 2016. According to data from the National Cashew Association of Nigeria (NCAN), the country exported a total of 160,000 metric tons of cashew valued at $300 million in 2016.

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