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Nigeria loses N28bn in cashew export
There are indications that Nigeria lost about N28 billion ($79,550,000) from the 37,000 tonnes of cashew exported to Vietnam due to price volatility.
Ideally, the price of processed cashew is $2,150 per ton at the global market.
Deputy Executive Secretary, Federation of Agricultural Commodity Associations of Nigeria (FACAN), Peter Bakare, confirmed this recently.
He noted that the development was due to lack of a conducive business environment that had made the price of raw cashew from Nigeria to be higher than the price of finished product in the international market.
According to him, the instability in price has caused uncertainty in the cashew market, adding that over 67,000 tonnes of cashew were still lying in the warehouse awaiting exports.
New Telegraph, January 26, 2019
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