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Business News of Saturday, 3 September 2022


Nigeria losing 300 jobs for every thousand metric tonnes of raw cashew exported

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Nigeria is losing 300 jobs of processed cashew capacity for every thousand metric tonnes exported, due to its inability to process cashew despite being a major producer.

This was disclosed by Mr Ernest Mintah, Managing Director, African Cashew Alliance (ACA) at a media briefing on Friday,

National Cashew Association of Nigeria (NCAN), said the 16th edition of the African  Cashew Alliance Conference which is to hold in Nigeria will attract foreign investors and grow the nation’s economy.

Mintah noted that the conference will enable significant opportunities for growth in Cashew nuts processing and production and businesses that will strengthen synergies.

He also warned that while processing is growing in Nigeria, at about 10 per cent, it was still too little and still needs to be explored in order to generate more revenue and create employment for the youths.

According to him, the largest volume was going to Vietnam in India and it’s a lot of jobs also being exported.

“If we are exporting the primary products we are getting one dollar 20 cent per kg to cover the farmers services, transport and export.

”If we process, we stand about three times of the Government accrued to the Government, we are also growing jobs,” he said.

He also noted for every thousand metric tonnes exported, Nigeria was losing about 300 jobs of processed cashew depending on the technology used which can create about 250-300 jobs.

“The crop and production is here, during the Conference, we won’t only be listening to experts speak, we will also do field visits to the various factories here and people will know how they are set up and opportunities to invest in, he added.

Mintah called on the Government to support Investment in the sector in Nigeria and increase the processing of Cashew in the Country.