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Cashew is the common name for a tropical and subtropical evergreen tree, Anacardium occidentale L., in the flowering plant family Anacardiaceae.
It is also the name for the commercially important kidney-shaped, nut like seed of this plant, which is edible when roasted or cooked (New World Encyclopaedia, 2008). The plant is a native of Tropical Central and South America, notably North Eastern Brazil, from where the Portuguese explorers introduced it into Nigeria in the 15th/16th century.
In Nigeria, Cashew nuts are produced in 28 states of the Federation and the Federal Capital Territory (FCT). In 2004, Nigeria's production of cashew amounted to 60,660 tonnes out of which, 30,510 tonnes were exported at a value of US$22.27 million.
Worldwide, trade in cashews exceeds US$2 billion and demand is increasing. Of the total world supply, 110 000 tonnes are traded on international markets. There is great investment opportunity for the processing and export of the commodity in Nigeria.
Nigeria is the 6th largest producer of cashew in the world after India, Brazil, Vietnam, Guinea Bissau and Tanzania. Like most African producers, most of Nigeria’s production are exported in raw form to India and Vietnam for processing and export with added value and benefits to those economies. Vietnam, for example entered the field of cashew production for export in the early 80’s about the same time Nigerians became aware of the commercial significance of cashew.
The United States is the largest importer of cashew kernels, accounting for over 50 percent of world imports. Other importers include the Netherlands (ten percent), Germany (seven percent), Japan (five percent) and the United Kingdom (five percent). The former Soviet Union was previously a major importer of cashew kernels, but with recent economic changes, trade to this part of the world has diminished. Other emerging markets include the Middle East, South East Asia and Australia.
There is an urgent need for the injection of more funds by the Government into the Nigerian cashew processing sector in order to add value to the products such that processed kernels are exported. The Nigerian cashew nuts are of high quality and its processed kernels have wide acceptability in European and American markets.
The return on investment on the export of raw cashew nuts is estimated between 10%- 15%.
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CASHEW NUT EXPORT IN NIGERIA; NON-OIL EXPORT OPPORTUNITY SERIES
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Report Title: RAW CASHEW NUTS EXPORT IN NIGERIA
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