Commodities News & Agribusiness Archives

Commodities News & Agribusiness1 month ago

Tomato Ebola Destroys 300-hectare Farmlands Worth N1.5BN

Nigeria is likely to witness tomato scarcity as over 500 farmers lose 300-hectare farm valued at N1.5 billion to tomato Ebola known as ‘Tuta Absoluta‘ ravaging...

Food Inflation Bites Despite World Bank’s $30BN Food Security Financing

Commodities News & Agribusiness1 month ago

Food Inflation Bites Despite World Bank’s $30BN Food Security Financing

The World Bank has revealed that domestic food price inflation remains high worldwide, amidst 205 million people facing acute food and nutrition insecurity. This is despite...

FG Commits to De-Risking Cashew Value-Chain to Build on 2022 $252m Export Revenue The federal government has taken immediate steps to maximise and harness the full economic potential inherent in cashew export. The Executive Director and Chief Executive, Nigerian Export Promotion Council (NEPC), Dr. Ezra Yakusak, said even though Raw Cashew Nut (RCN) emerged as the 5th leading non-oil exportable product valued at $252 million, and accounted for 5.24 per cent of the country’s non-oil export portfolio in 2022, the potential of the sector remained largely under-developed. Speaking at the launch of the Organic Cashew Certification Programme for Exports, organised by the council in collaboration with NICERT, Valency Limited and PRO-Cashew in Abuja, he said Nigeria remained the 4th leading producer of raw cashew nuts in Africa with about 19 producing states “But sadly, we have not maximized and harnessed the full economic potential inherent in cashew export.” The NEPC boss said the country’s cashew export trade was largely hampered by non-adherence to food safety standards, lack of traceability, low yield per hectare, poor practices, ageing trees among others. He stressed that most of the cashew exports are in primary form adding that “export of processed cashew kernel is very low and accounts for about 16 per cent of cashew export”, and mostly the conventional rather than organic certified cashew. Yakusak said that given the scenario, the council deemed it necessary to collaborate and chart a pathway with deliberate and planned activities to address the issues plaguing the Nigerian cashew sector. He said, “That is why this initiative sponsored by the PRO-Cashew through CNFA which is a five-year project funded by the USDA is timely and welcomed. The aim of this project is to support the Nigeria cashew sector and increase cashew productivity and efficiency, improve crop quality, and improve harvest and post-harvest techniques among others.” He further assured that a careful and faithful implementation of the project would facilitate a gradual shift from conventional cashew to organic cashew, whose export guarantees niche market and premium pricing. He said, “It will also increase productivity, improve harvest and post-harvest practices, ensure adherence to best practices, ensure traceability, and enhance competitiveness. “The council is therefore committed to this project and ready to provide the necessary support to ensure its effective implementation.” According to him, NEPC had previously undertaken various technical sessions, provision of inputs and other intervention materials across the cashew-producing states, which are designed to improve the know-how of value chain actors. Similarly, under the Export Expansion Facility Programme (EEFP) scheme, the council trained 200 cashew farmers in Oyo and Kogi States, and fully paid for the implementation of organic certification for 100 cashew farms. He added that repositioning the commodity sector would attain its rightful position and become a major contributor to the nation’s export earnings and GDP.

Commodities News & Agribusiness1 month ago

FG Commits to De-Risking Cashew Value-Chain to Build on 2022 $252m Export Revenue

The federal government has taken immediate steps to maximise and harness the full economic potential inherent in cashew export. The Executive Director and Chief Executive, Nigerian...

Commodities News & Agribusiness2 months ago

FAO, ECOWAS, EU Partner to Boost Fishery Production across West Africa

By Rosemary Iwuala The Food and Agriculture Organisation of the United Nations (FAO), Economic of West African States (ECOWAS) and the European Union (EU) has partnered...

Nigeria Failing to Meet 50% Allowable Oil Output

Commodities News & Agribusiness2 months ago

Oil Price Rises 4.2% to $78.12 on Supply Uncertainties

Oil prices rose on Monday following fresh worries about supply, with Brent crude futures growing by $3.13 or 4.2 per cent to $78.12 a barrel, while...

Commodities News & Agribusiness2 months ago

Food Insecurity Threatens 24.8 million Nigerians

Rosemary Iwuala As Nigeria continue to spool in abject poverty and hardship, the Cadre Harmonise report on indicated that no fewer than 28.4 million Nigerians in...

Commodities News & Agribusiness3 months ago

Oil Prices Rise after Buoyant U.S. Payrolls

Agency Report Oil prices climbed more than 1% on Friday after better-than-expected U.S. employment data, though both benchmarks fell more than 3% on the week on...

Business Metrics

Nigeria Loses Crown to Angola as Africa’s Largest Oil Producer

Commodities News & Agribusiness

Senate Indicts Bank of Agric Over N3.2BN Loan Disbursement

Firm Launches Jinja App to Enhance Sales of Farm Products

Tomato Ebola Destroys 300-hectare Farmlands Worth N1.5BN

Food Inflation Bites Despite World Bank’s $30BN Food Security Financing

FG Commits to De-Risking Cashew Value-Chain to Build on 2022 $252m Export Revenue

FAO, ECOWAS, EU Partner to Boost Fishery Production across West Africa

Oil Price Rises 4.2% to $78.12 on Supply Uncertainties

Food Insecurity Threatens 24.8 million Nigerians

Oil Prices Rise after Buoyant U.S. Payrolls

Archives

Categories

Meta