Why Cashews Could Drastically Help the Nigerian Economy in 2016

CASHEW NUTThe National Cashew Association of Nigeria (NCAN) has revealed its commitment to boost the Nigerian economy through the platform of increased exportation of cashews, starting in February 2016.

Speaking at a 2015 summit open to businesses planning ahead for the challenging 2016 economical year, the National President of the National Cashew Association of Nigeria; Tola Faseru said that Nigeria is targeting the increase in the exportation of cashew nut from 180,000 metric tons to 500,000 tons as annual exports.

Cashew nut is the second largest non-oil foreign exchange commodity. It now has the ability to earn the nation an annual income of $700 million before 2020. Development of the commodity will begin with the export of 6,000, 40-feet containers monthly.

This plan was said to be a promising aim as all bodies and agencies in charge of logistic and regulatory processes of the business were in attendance at the meeting, including shipping companies and freight forwarders.

Nigeria already exports cashew nut to Vietnam and India, and has taken action to commence the exportation of kernel, shell and liquid products.

Faseru said that cashew is one of the five top agro-industrial products out of 13 other means of income to the country, it also plays a vital role by having created 200,000 jobs in the past.