Making millions from cashew export

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Cashew export business opportunity is waiting to be explored

Making millions from cashew export

For the few Nigerians who export cashew, the business has been of instant success. Driven by the rise in demand from China, India and other fast-growing economies, the global cashew boom has generated profits at most trading houses.Together, some cashew exporters are worth millions of dollars in annual revenue. One of them is the Chief Executive, Universal Quest Nigeria, Mr Sotonye Anga, one of many of the quiet giants in commodities business, who export cashew nuts. He has been a success story in the business but this is not without its challenges. For instance,he faces challenges from companies such as Olam that command great influence in commodities marketing globally. This notwithstanding, Anga said there are more opportunities to make money in cashew exports with the reported sharp rise in imported raw cashew nut prices from East Africa. This is encouraging buyers to look for greener pastures in other countries.

With the government and the private sector campaigning to farmers to increase local cultivation , cashew exports could be inching closer to a new peak of 400,000 tonnes.

Anga said there are high profits from cashew, buoyed by high demand.

And with world price rising and expected to remain steady, he said life is changing for Nigerians who are ready to invest in cashew export.It requires an investment of N1.5 million but the returns ranges from 10 to 30 percent per transaction.

He said Nigerians can end their drudgery if they take to cashew exports. The demand for the crop is high locally and internationally, and this will hopefully continue to rise.

According to him, exporters can get enough supply because cashew can grow very well in more than 24 states of the federation.Maintaining high quality cashew nuts, he said, is very critical to an exporter, and as such, he believes in partnering with producers with good cashew plantations,best production processing, and marketing practices. This,he added, is central to ensuring that cashew businesses will develop into highly profitable ventures.Cashew is currently exported to India and Vietnam where it is processed and then either consumed in those countries or shipped to the US or to Europe for further processing and packaging. Currently, the crop enjoys considerable patronage around the world.

His company ships cashew to several European countries. To this end, he works with local farmers, to improve the quality of the cashew nuts by sharing new farming methods, planting techniques, pre- and post-harvest handling methods and many other skills.

This is because local farmers need to produce high quality cashew nuts, which in turn give them the financial gains needed to lift them out of poverty.

Going into cashew business, is not an easy task for a new beginner because of lot of things .The major consideration is the amount of capital one is willing to invest . If there is enough capital, one can export himself. It is also good for one to buy and supply export companies in Lagos and major shipping towns .


For him and others, a beginner needs to undergo some form of training or mentorship to enable one understand cashew business / terms and how many cashew nuts are sold per tonne.

Generally, 2.13 bags make a tonne. 30 tonnes make a truck / long trailer.One needs to know how cashew nuts is graded or scaled. The standard and quality required by foreign buyers and how it should be packaged.

Anga said the cashew trading and export, still has more room for investors. He said exporters can also make money from cashew apples, which could be processed into fruit juice, which is being wasted annually because the focus was on the nuts alone. He said: “The wastage is just too much. We are talking about 90 per cent of our cashew apples. The cashew shell liquid that is used for a lot of industrial applications is wasted because we do not use it. This is one industry that we need to explore which has not been tapped.”

Instead of being shipped abroad in their raw form, some Nigerians roast cashew nuts and sell on the streets.

Chief Executive, Centre for Trade and Export Development, Mr Titi Olukayode said his company is ready to train more Nigerians get involved in cashew export.

According to him, the company holds training sessions to expose would-be exporters to international buyers.

Meanwhile, cashew is not the only produce that his compnay supports.

The company offers integrated support to new and existing exporters interested in sesame, cocoa, soybeans and other non oil exports.