Post by Trade facilitator on Feb 15, 2022 16:17:37 GMT 1
Boost To The Cashew Industry: Nigeria To Benefit From $60 Million Prosper Cashew Project
Nigeria’s cashew industry is about to benefit from a $60 million US-backed project to local cashew processing in three West African countries.
The project is tagged ‘Prosper Cashew’.
You may not know that West Africa is responsible for 45% of world’s cashew nut production, but less than 7% of it gets processed where it is harvested. This is what the project is about to change.
The Prosper Cashew Project was started by a non-profit making organization, TechnoServe and supported by the US Department of Agriculture. The organization will create a fund to strengthen the commercial viability of processing cashew in Nigeria, Ivory Coast and Ghana.
The project was launched in October 2020; the aim of the project is to act as a catalyst for the cashew industry, to strengthen and revive existing processing facilities and facilitate the needed working capital for the business.
The project was flagged in Abidjan, Ivory Coast recently as the top cashew producer in Africa.
West Africa, as the leading cashew producing region in the world accounts for more than 45% of the raw cashew nuts harvested globally each year. However, it may interest you to know that less than 10% of the raw cashew nuts are processed within West Africa. Majority of the raw cashew nuts are exported to Asia where they are processed before being shipping to the consumer markets around the world.
During the launching, Ivory Coast’s Director of Cotton and Cashew council said that “processing remains our biggest challenge, but the government is working hard to change this”.
“The country aims to process about half of its output by 2025.”
Krisshanu Chakravarty, the project director of Prosper Cashew in Abidjan said that 75% of the action will be in Ivory Coast “because of the scale and size that it has”.
“So 75% of the money will get disbursed here because of the conducive processing environment,” Chakravarty said.
TechnoServe said that over the next five years, Prosper Cashew would improve the capacity of 60 processors who source cashew from approximately 34,000 farmers; facilitate $497 million of investment in the cashew sector, and generate $1.5 billion in cashew kernel sales.
“The project expects to create more than 26,000 new jobs and indirectly benefit more than 133,000 women, men, and children in West Africa,” according to TechnoServe.
According to statistics, Ivory Coast produces about 792,678 metric tonnes of cashew nuts annually and is ranked number 1 in the world. The country accounts for 20% of the world’s production. The nut is cultivated on over 1,913,073 hectares of land, yielding 4,143 kg per hectare.
Nigeria’s cashew sector is still facing challenges despite efforts put in by various organizations to tackle the problem.
Recently, the Nigeria Commodity Exchange commissioned cashew nuts processing and warehousing facilities at Egume/Ochaja, Dekina Local Government Area of Kogi State to minimize losses incurred as a result of delayed export of the crop.
The facilities put up there are to serve as the point for stacking, weighing, and evacuation of cashew nuts from Niger, Edo, Benue, Kwara, and Kogi states for export.
The country has about 600,000 surviving cashew trees all over the country. About 80% of the cashew nuts produced in the country are exported; the reason being that only very few companies are involved in the processing of the nuts.
But the sector provides about 600,000 jobs and has an annual trade volume of about N24 billion.
Did you know that prior to the 1950s no commercial value was attached to cashew nuts until the first commercial planting was started in the mid-1950s by the defunct Eastern Nigerian Development Corporation (ENDC) and the Western Nigerian Development Corporation (WNDC)?
Cashew grows in almost all the states of Nigeria, but bulk of production is concentrated in the Eastern, Western and Middle belt zones of the country with Anambra, Oyo, Enugu, Osun and Kogi having the largest production volumes.
Our company is one of the best companies in Agro Export Business in Nigeria today, we train individuals and corporate organizations on how to do Export Business the right way; if you are interested, please contact the admin of this forum now for further details.
Nigeria’s cashew industry is about to benefit from a $60 million US-backed project to local cashew processing in three West African countries.
The project is tagged ‘Prosper Cashew’.
You may not know that West Africa is responsible for 45% of world’s cashew nut production, but less than 7% of it gets processed where it is harvested. This is what the project is about to change.
The Prosper Cashew Project was started by a non-profit making organization, TechnoServe and supported by the US Department of Agriculture. The organization will create a fund to strengthen the commercial viability of processing cashew in Nigeria, Ivory Coast and Ghana.
The project was launched in October 2020; the aim of the project is to act as a catalyst for the cashew industry, to strengthen and revive existing processing facilities and facilitate the needed working capital for the business.
The project was flagged in Abidjan, Ivory Coast recently as the top cashew producer in Africa.
West Africa, as the leading cashew producing region in the world accounts for more than 45% of the raw cashew nuts harvested globally each year. However, it may interest you to know that less than 10% of the raw cashew nuts are processed within West Africa. Majority of the raw cashew nuts are exported to Asia where they are processed before being shipping to the consumer markets around the world.
During the launching, Ivory Coast’s Director of Cotton and Cashew council said that “processing remains our biggest challenge, but the government is working hard to change this”.
“The country aims to process about half of its output by 2025.”
Krisshanu Chakravarty, the project director of Prosper Cashew in Abidjan said that 75% of the action will be in Ivory Coast “because of the scale and size that it has”.
“So 75% of the money will get disbursed here because of the conducive processing environment,” Chakravarty said.
TechnoServe said that over the next five years, Prosper Cashew would improve the capacity of 60 processors who source cashew from approximately 34,000 farmers; facilitate $497 million of investment in the cashew sector, and generate $1.5 billion in cashew kernel sales.
“The project expects to create more than 26,000 new jobs and indirectly benefit more than 133,000 women, men, and children in West Africa,” according to TechnoServe.
According to statistics, Ivory Coast produces about 792,678 metric tonnes of cashew nuts annually and is ranked number 1 in the world. The country accounts for 20% of the world’s production. The nut is cultivated on over 1,913,073 hectares of land, yielding 4,143 kg per hectare.
Nigeria’s cashew sector is still facing challenges despite efforts put in by various organizations to tackle the problem.
Recently, the Nigeria Commodity Exchange commissioned cashew nuts processing and warehousing facilities at Egume/Ochaja, Dekina Local Government Area of Kogi State to minimize losses incurred as a result of delayed export of the crop.
The facilities put up there are to serve as the point for stacking, weighing, and evacuation of cashew nuts from Niger, Edo, Benue, Kwara, and Kogi states for export.
The country has about 600,000 surviving cashew trees all over the country. About 80% of the cashew nuts produced in the country are exported; the reason being that only very few companies are involved in the processing of the nuts.
But the sector provides about 600,000 jobs and has an annual trade volume of about N24 billion.
Did you know that prior to the 1950s no commercial value was attached to cashew nuts until the first commercial planting was started in the mid-1950s by the defunct Eastern Nigerian Development Corporation (ENDC) and the Western Nigerian Development Corporation (WNDC)?
Cashew grows in almost all the states of Nigeria, but bulk of production is concentrated in the Eastern, Western and Middle belt zones of the country with Anambra, Oyo, Enugu, Osun and Kogi having the largest production volumes.
Our company is one of the best companies in Agro Export Business in Nigeria today, we train individuals and corporate organizations on how to do Export Business the right way; if you are interested, please contact the admin of this forum now for further details.
