Nigeria is projected to earn N792 billion ($480 million) in 2024 from exporting 400,000 tonnes of cashew nuts, with major buyers being Vietnam and India. The country’s cashew nuts are valued between $1,200 and $1,300 per tonne, higher than prices in Benin and Côte d’Ivoire, due to high quality and yield. Other export markets include the United States, United Arab Emirates, Belgium, China, Turkey, and Norfolk Islands. However, more than 50 percent of Nigerian cashew nuts are reported to be traded informally to neighboring countries, impacting the overall revenue. Despite this, the sector has shown growth, with production increasing by 25 percent, making Nigeria the second-largest producer in West Africa after Côte d’Ivoire.
The African Cashew Alliance (ACA) noted that ongoing investments in the Nigerian cashew sector include seedling distribution, capacity building, and policy development. Current farm gate prices in Nigeria range between N850 and N900/kg ($571-$605/tonne), with a recent rise to N950 and N1,000/kg ($624-$656/tonne) due to strong demand. Export prices have reached between $1,150 and $1,300 per tonne.
Between March 2023 and February 2024, 369 Nigerian exporters made 4,056 shipments of cashew, reflecting a growth rate of 21 percent compared to the previous year. Vietnam remains a top destination, importing over 273,000 tonnes in the first 10 months of 2023, while India received 80,000 tonnes within the same period. In an effort to boost Africa’s cashew production, the African Cashew Alliance (ACA) has partnered with Cambodia’s Cashew Nut Association to promote research, technology sharing, and training. The collaboration aims to double Africa’s cashew production in the next five years.
Discover in-depth supply chain report news insights at The Supply Chain Report. For international trade tools, see ADAMftd.com.
#CashewIndustry #NigeriaExports #AgricultureNews #GlobalTrade #AfricanEconomy
