Experts Predict Cashew Will Generate $500 Million For Exporters in 2023
- Experts have revealed that cashew exporters will earn about N250 billion in 2023
- The CEO of Nigeria Export Promotion Council, Ezra Yakusak, said the product was the top forex earner for Nigeria in 2022
- He stated that the product generated about N116 billion in 2022, and the figure would rise this year
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According to reports, the Nigerian Export Promotion Council (NEPC) seeks to achieve over $500 million, about N230 billion in revenue from cashew export and its by-products this year, following the launch of the organic Cashew Certification Programme for Exports.
Ezra Yakusak, the Chief Executive Officer of NEPC, on Thursday, April 13, 2023, said that available data shows that in 2022, cashew was the fifth top non-oil export in Nigeria, stating that its potential still needs to be harnessed correctly.
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The project aims to deter the export of raw cashew
He said:
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“In 2022, we exported cashew worth $252 million; with the launch of this project, we hope to double it and maybe hit $500 million, and it will increase in subsequent years; by the end of this year or next year, we will see the benefit of this project in the cashew value chain.”
BusinessDay reports that Yakusak said the project would deter the export of raw cashew and encourage value addition across its value chain.
He also noted that the project would generate foreign exchange, create jobs and boost industrialisation in Nigeria.
Per the NEPC boss, the launch is critical because there will be an increase in cashew production in an organic and unconventional. He added that there would be more premium pricing for an organic product that generates more forex.
He disclosed that exports of cashew nuts generated about N116 billion in 2022.
According to Daily Trust, the NEPC CEO said Nigeria is now Africa's fourth-leading producer of raw cashew nuts, with about 19 states producing the commodity.
199 export firms to get N308.45 billion in promissory notes from FG
Legit.ng reported that the Nigerian Government authorised N308.4 billion in promissory notes to about 199 exporting companies under the Export Expansion Grant (EEG) Scheme.
The Executive Director and Chief Executive Officer of the Nigerian Export Promotion Council (NEPC), Ezra Yakusak, disclosed this as he recently issued letters to scheme beneficiaries.
According to him, N193.4 billion was approved for 133 beneficiaries of the scheme regarding the EEG’s outstanding claims from 2017 to 2020. About N108.317 was authorised for 35 beneficiaries regarding the EEG backlogs of claims from 2007 to 2016.
Source: Legit.ng
