Cashew nuts are one of Nigeria’s key commodities earning the nation around $1.5 billion in the last 3 years alone. With around 320,000 tonnes produced in 2016, Nigeria was the second-largest producer after Vietnam and accounted for 20% of global production.
About Cashews
History:
The Cashew tree which is native to Northeastern Brazil was brought to the African continent by Portuguese traders in the 15th century.
Now prevalent in over 20 countries worldwide, Vietnam, Nigeria, India and Ivory Coast now lead the pack.
The harvest season for Cashew begins in February and goes on to the end of May. Cashew is mostly harvested by smallholders in Kogi, Oyo, Kwara, Enugu, Edo, and a few other states. They pick the Oval shaped seed from the Cashew Apple and then dry it before selling to Aggregators.
The Trade triangle
90% of Nigerian Cashew exports are shipped to Vietnam and India in raw shell form at baseline prices. This same product is then processed in these countries and shipped to Europe, America, and the Middle East at much better prices shortchanging Nigeria of a lot of potential income.
Interesting facts:
➤ Nigeria is the second-largest Producer of Cashew nuts.
➤ Cashew nuts earned Nigeria more money than the budgets of all but 6 states in Nigeria in 2017.
➤ Cashew nuts are the second most expensive nuts in the world.
Use Case
Asides its use as a snack, Cashews have multiple uses that cut across numerous industries. Cashew butter is a growing delicacy in Europe. The Cashew apple is used in making Liquor.
The Shell of Cashew nuts is utilized in producing oil bases that are used in the Chemical industry for making paints, resins, etc.
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