NEXIM Bank lauds NCAN for re-positioning cashew industry

by Josephine Okojie

August 30, 2017 | 12:11 am
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The Nigerian Export-Import Bank (NEXIM) has laud the National Cashew Association of Nigeria (NCAN) for repositioning the country’s cashew industry and projecting Nigeria’s cashew brand globally.

Abubakar Bello, managing director of NEXIM said this during a courtesy visit by the executive council members of NCAN to NEXIM headquarters in Abuja recently, according to a press statement made available to BusinessDay.

Bello promised to come to the aid of the members of NCAN in providing the necessary funds for the industry in response to the president’s call in respect of the Cashew Development Fund, stating that the funds will go a long way to boost the production of the crop.

Last year, Nigeria cashew farmers recorded huge sales and made profits from sale of cashew nuts in 2016, stakeholders say.

As a result of the huge sales, the country’s cashew industry made revenue of $300 million in 2016, NCAN said during its Annual Cashew Logistics meeting held last year in Lagos.

In 2016, Vietnam, world largest cashew exporter, experienced it worst drought in a century which reduced the country’s export by 11 percent and created market for cashew nuts from other countries.

Nigeria benefitted from this as the demand for Nigeria’s cashew by foreigners increased and pushed up the prices of local cashew nuts by 15.4 percent.

In response to the managing director of NEXIM, Tola Faseru, president, NCAN made a call while referring to the N550million export stimulation fund being arranged by the CBN and facilitated by NEXIM, to be disbursed sectorally along specific commodities to ensure effective monitoring and evaluation in each commodity sub-sector.

Experts forecast that the cashew industry will generate more revenue in 2017 owing the projected increase in output by 10 percent as survey of 24 key producing states clearly shows early fruiting in 2017.

Josephine Okojie

by Josephine Okojie

August 30, 2017 | 12:11 am
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