Nigeria to earn $7bn from cashew export to Walmart
Despite losing several billions of dollars in 2016 to lack of value addition, Nigeria appears not to have learnt useful lessons on how to boost revenue from cashew export.The cash crop, regarded as one of the nation’s economic trees, has the potential to create enormous wealth for farmers and generate huge foreign exchange to government’s coffer.A recent data from the National Cashew Association of Nigeria (NCAN) showed that Nigeria exported a total of 160,000 metric tonnes of raw cashew valued at $300 million in 2016. This figure was far behind what farmers and exporters could have earned assuming there are processing factories to process cashew nuts for export.In order to maximise the potential of the golden tree, Nigeria is set to supply 130,000 tonnes of roasted cashew nuts valued at $7 billion to Walmart Super Market chain in the United States of America.The Minister of Agriculture and Rural Development, Audu Ogbe, said the US firm came.
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