Agriculture is the next oil in Nigeria, if you have not yet considered Agriculture as a business, then this news might convince you to take a look. According to The National Cashew Association of Nigeria (NCAN), export of cashew nuts from the 2015 planting season had contributed about N50 billion to the economy. Who knows cashew nuts could bring in as much as $250 million USD! The interesting part is when you compare this figure 2013 and 2014 which contributed about N24 billion ($120 million USD); this shows over 100% increase in contribution to GDP.

The interesting part of this report is that demand for cashew nuts is increasing. According to Mr Sotonye Anga, the association’s spokesman:

“For 2015, because of the significant growth in pricing and increased demand for Nigeria’s cashew, what the cashew sector contributed to the Nigerian economy is about N50 billion.

That is an improvement in the export of raw cashew. Whereas in 2013 and 2014, the sub-sector contributed about N24 billion. This year, having made the N50 billion mark, the global expectation for the next season is going to increase. This figure could be more but because of export through our porous borders we could not account for those ones,”.

The price of raw cashew nut per metric ton recorded an increase, selling at N170, 000 ($853 USD) during the 2015 season.

The association continues to urge farmers to comply with high degree quality control procedure. According to Mr. Anga, Brazil is currently having huge crop shortages which means that Nigeria cannot compromise its cashew quality.

Currently, Nigeria produces about 140 metric tons of cashew nuts per annum. However, with more cashew plantations were being commissioned, especially in Kuje area of Abuja, this figure is expected to increase significantly.

source: NairaBrains.com - business ideas, money, technology

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