✕ CLOSE Online Special City News Entrepreneurship Environment Factcheck Everything Woman Home Front Islamic Forum Life Xtra Property Travel & Leisure Viewpoint Vox Pop Women In Business Art and Ideas Bookshelf Labour Law Letters
Click Here To Listen To Trust Radio Live

Nigeria can earn $3.4m from cashew export – NEPC

The Nigeria Export Promotion Council (NEPC) has disclosed that Nigeria can earn $3.4 million annually from cashew exports to five countries alone. An export advisory…

The Nigeria Export Promotion Council (NEPC) has disclosed that Nigeria can earn $3.4 million annually from cashew exports to five countries alone.

An export advisory report sourced from NEPC listed the countries as Germany, Poland, Netherlands, United Kingdom and France.

NEPC stated that largest potential can be found in Germany, followed by the Netherlands and the United Kingdom.

The council put the total amount of estimated untapped potential by 2021 for Nigerian exports towards these countries at $3.4m.

Vietnam is currently the largest export destination for Nigerian cashew kernels with average yearly export of $3.4m.

The council reckoned that Vietnam is also Nigeria’s largest competitor on a global scale and that this makes it imperative for exporters to seek alternative global markets.

It revealed that estimated untapped potential is largest in the German market, at around $860,000.

Germany is the fourth largest current market for Nigeria after Vietnam, USA and the Netherlands, while the Dutch market has the second highest untapped potential of $640,500.

Despite having less untapped potential than Germany, NEPC said current exports from Nigeria are greater to the Netherlands than to Germany.

The NEPC data showed that over the past five years, the Dutch and German markets grew with 17 and 24 per cent respectively per year, strengthening the estimation of huge potential.

It stated that, “The United Kingdom has the third highest untapped potential for Nigeria to more than double current exports. Poland is currently a small market for Nigeria, and France is a new market.”

The council further disclosed that both Poland and France have cumulative untapped potential of $522,700.

However, the report observed that Nigeria currently exports mainly raw cashew nuts, making the estimated untapped potential value possibly lower than in reality.

The way out for exporters is, instead of exporting to Vietnam, they should consider whether additional exports can be generated to Vietnam’s destination countries.

NEPC, therefore, advised exporters to, “Keep focusing on the Netherlands, Germany and UK, current markets with still large estimated growth potentials. Try to access the French market and increase market share in Poland.”

 

LEARN AFFILIATE MARKETING: Learn How to Make Money with Expertnaire Affiliate Marketing Using the Simple 3-Step Method Explained to earn $500-$1000 Per Month.
Click here to learn more.

AMAZON KDP PUBLISHING: Make $1000-$5000+ Monthly Selling Books On Amazon Even If You Are Not A Writer! Using Your Mobile Phone or Laptop.
Click here to learn more.

GHOSTWRITING SERVICES: Learn How to Make Money As a Ghostwriter $1000 or more monthly: Insider Tips to Get Started. Click here to learn more.
Click here to learn more.

SECRET OF EARNING IN CRYPTO: Discover the Secrets of Earning $100 - $2000 Every Week With Crypto & DeFi Jobs.
Click here to learn more.