Nigeria is ranked 14th in the global index of cashew nut exports with about 60million dollars made yearly and produces about 20% of the world cashew production.
Exporting cash crops comes with a lot of challenges such as perishability and flaunctuating demands in the international market.
Major exportable crops in Nigeria include; Cocoa, Ginger, Cashew and Cassava.
Commodities being traded internationally on a daily basis continue to compete with each other as prices fall and rise, but one essential commodity that stands tall among others is Cashew.
Cashew’s importance and peculiarity cannot be over emphasized as its delicacy and marveling health benefits continues to make it a highly sought-after nut and a money spinning crop for farmers.
The following and more are the reasons why Cashew has been projected to continuously be one of the top 5 exportable crops in Nigeria:
1) Available market:
The consumer demand for Cashew worldwide increases yearly, thereby giving Cashew a top spot among other exportable crops in Nigeria.
2) Increase in demand:
In 2016, Cashew nuts demand increased by 6.1 percent. In 2021, it is expected that Cashews take over 29 percent of the global nuts market.
3) Derivatives and Industrial uses of Cashew: Cashew has a wide variety of industrial uses and derivatives as new discoveries are made daily from this money crop that seems to have endless uses.
4) Health benefits:
The many health benefits of Cashew secures its high demand by pharmaceutical companies who make use of it due to its high levels of iron, magnesium, zinc, copper, phosphorus, manganese and mono-unsaturated fatty acids that promote healthy levels of good cholesterol or “HDL”.
Cashew has been discovered to reduce triglyceride levels, which aides in better glucose management for a person with diabetes.