Become a millionaire from cashew nuts
Nigerians are making millions from cashew exportyearly. DANIEL ESSIET reports that the commodity has
high economic and nutritional value.
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.