CASHEW: NIGERIA’S UNTAPPED GOLDMINE

Cashew is the fastest growing agrocommodity in Nigeria but unfortunately this goldmine has not been maximized by Nigeria.
With the global demand exceeding 5 million tons valued at about 6 billion dollars.
Sustainable wealth can built with investing in this low risk and money spinning crop.
Nigeria currently produce 10% of the global raw cashew nut demand.Over the years, the demand has always exceed the supply with the local price rising steadily from N110,000 per tonne in 2011 to N650,000 per tonne in 2017.
Only 25,000 tons out of about 200,000 tons local supply requirement was accounted for in ogbomoso,oyo state in 2016 which happens to be the best quality nut in Nigeria.
This ogbomoso cashew market was valued at 21 million dollar. It is however mind boggling to note that this market is built on mostly unplanned and inherited farms.
Lower nut count per kilogram, high kernel output ratio(KOR) and better taste are the major reason why exporter prefer ogbomoso cashew. This is primarily due to climate,and the local seed quality.
Individuals that produces Cashew nut from other regions like kogi (the largest producer of cashew nut in Nigeria) prefer to bring theirs to ogbomoso to be diluted with cashew nuts grown in ogbomoso to improve the quality of their products.

This is the level to which the ratings in terms of quality of ogbomoso cashew nut is.
There is fertile, arable land in ogbomoso for the cultivation of cashew. cashew cultivation is guaranteed to yield huge profit for bold and savvy investors.
The increasing high global demand for cashew from ogbomoso giving its undeniable superior quality such as lower nut per kilogram,high kernel output ratio and better taste are the reasons why cashew merchants and exporters are arriving in their droves to do business in the small town in southwest Nigeria.
It is clear to see that the ogbomoso cashew stands out with its quality and the industry stakeholders testify to its value in the international market.
It is key to note that at this point that the cashew industry in ogbomoso is still at its infancy spanning less than 10 years and have seen significant growth in the past 5 years with more international buyers trooping in driving the demand and cost of the commodity.
The current demand for cashew comes mainly from Asia, but the possibility for growth are boundless with technological advancement finding more use for the nut and more people turning to healthier nut consumption will see an increase in the international demand and export potential for ogbomoso cashew.
Cashew can produce its first fruit in 30 months and will continue fruiting for at least another 50 years.
An acre is capable of yielding an average of 600kg annually and can be as high as 1500kg per acre.