Nigeria cashew nut farmers to sign US$9m agreement with foreign investors

NIGERIA – Cashew farmers in Nigeria are set to sign a N3.6bn (US$9m) Memorandum of Understanding with a group of foreign investors in order to attract the required funding to grow the sector’s revenue to N220bn (US$606m) annually from the initial N50bn (US$137m) earned annually. HOMENA Director of Administration, Victor Onuche, said, “Now, we are hoping that when the farmers and the financing agencies sign the MoU, in the next one year we hope that Nigeria can move up from the initial N50bn (US$137m) to N220bn (US$606m) annually.’’ ‘’We have…

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Nigeria’s agriculture exports decline 11.5% to US$239.32m in three months

NIGERIA – Nigeria’s agricultural goods exports in the first quarter of 2019 dropped by 11.5% from US$270.45 million (N97.3bn) recorded in the fourth quarter of 2018 to 239.32 million (N86.1bn). According to data from the National Bureau of Statistics, the revenue included US$109.46 million (N39.6bn) worth of broken and unbroken sesame seed, US$55.56 million (N20.1bn) good fermented cocoa beans, US$27.09m superior quality raw cocoa beans. During the quarter under review the country also exported US$11.89m worth cashew nuts in shell, US$6.63m frozen shrimps and prawns, US$7.74m other raw cocoa beans…

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Tanzania to host international conference on cashew nut industry

TANZANIA – Tanzania will be hosting the African Cashew Alliance (ACA) annual conference to be held from 7 to 9 November in Dar es Salaam. The international cashew nut conference is aimed at analysing the recent market dynamics and the role of both public and private stakeholders in addressing the emerging issues in the sector. As one of the largest forums in Africa’s cashew sector, the conference brings together an array of cashew industry stakeholder from across the globe with more than 500 cashew industry stakeholders expected to attend the…

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Nigerian cashew association lobbys for policies to promote industry

NIGERIA – The National Cashew Association of Nigeria (NCAN) has called for the Federal Government to enact policies that would promote the cashew industry. The president of the association, Mr Ojo Ajanaku, says that it is important for the country to have policies regulating the cashew industry to save in order to prevent exploitation. “At the moment there is no law to guide the import and export of cashew as a raw material from Nigeria. “As a country, we do not have any law, no single policy at all guiding…

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Tanzania to host cashew nuts forum to explore investment opportunities

TANZANIA – The government of Tanzania has announced that it will hold a cashew nuts forum in a bid to explore investment opportunities presented in the value chain. Backed by President Dr. John Pombe Magufuli and the Tanzania Investment Centre, the forum will be held in Mtwara, south eastern region from July 12 – 13, 2019. According to a statement issued by the Tanzania Investment Centre, the forum “aims to attract potential investors from outside Tanzania as well as domestic investors interested in establishing cashew nuts processing projects as well as…

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Ten Senses to construct nut processing facility under Kenya-EU project

KENYA – Ten Senses Fair Company is set to construct a new cashew nut processing factory in Kilifi, coast region of Kenya under the recently unveiled European Union funding in the country’s agro-processing sector. The factory will have an annual capacity of 10,000 metric tonnes. It is part of the US$2.4 million (Sh240 million) cashew nuts and sesame value-addition project that the European Union is funding in collaboration with Visegrad Group covering Slovakia, Hungary, Poland and the Czech Republic. The project – implemented by Ten Senses Fair Company – also…

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Tanzania’s annual cashew nut sales shrink 63% to US$196.5m

TANZANIA – Tanzania’s total cashew nut sales on the international market dropped 63% to US$196.5 million in 2018, compared with US$529.6 million in the 2017 trading period. Minister for Finance and Economic planning Phillip Mpango, while presenting the 2019/20 budget in Dodoma said exports fell to 120,200 tonnes from 329,400 tonnes in 2017, reports The East African. This was despite a 1.7% increase in the price per tonne on the international market from US$1,607.7 to US$1,634.2 in the one-year period. In 2017/18, global production of cashew nuts stood at 3.9…

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Chinese firm to invest US$1.48m in new cashew nut processing plant in Tanzaina

TANZANIA – Yalin International, a Chinese firm, has unveiled plans of investing US$1.48 million (Tshs3.4bn) in setting up a new cashew nut processing plant in Tanzania. According to a report by Ipp Media, the plant will have a capacity of processing 27 metric tons of cashew nuts per day targeting to export the products to China and other international markets. Sulaiman Millanzi, the general manager at Yalin revealed that the factory will be located on about 6,400 acres of land in Mtwara region. “We are on schedule to start operations…

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Vietnamese firm eyes West Africa’s cashew nut market as leading player

WEST AFRICA – T&T Group JSC, a Vietnamese conglomerate has unveiled plans of venturing into West Africa’s cashew nut sector with an aim of consolidating its position as the leading player in the sector ahead of its rivals. According to a report by GhanaWeb, the Hanoi-based firm has unveiled plans of purchasing tonnes of cashew nuts from the region’s leading cashew nuts producers, Ivory Coast and Guinea Bissau that is currently dominated only by a handful of investors. Adama Coulibaly, head of the local Cotton and Cashew Nut Council, revealed…

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Nigerian government to set up cashew processing plants in four States

NIGERIA – The federal government of Nigeria has unveiled plans of setting up cashew processing plants in four states in the country in a bid to add value to the commodity and increase revenues. According to a News Agency of Nigeria report, Audu Ogbeh, the Minister of Agriculture and Rural Development, said the processing plants are also aimed to reduce post-harvest losses and as well as increase exports of the commodity. Mr Ogbeh unveiled that the country losses an estimated 8 million tonnes of cashew fruits annually as a result…

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