Invest in Agro Commodities
In 2019 Nigeria’s cashew price falls 60% to lowest in 3 years. This is due the inability to timely meet up with contractual agreements of cashew demands by foreigners .
The price of cashew in Nigeria, the sixth-largest producer in the world, has fallen by 60 percent in the past 12 months to its lowest in 3 years, exporters said, blaming this on their inability to timely meet up with their contractual agreements.
Since the commencement of the 2019 cashew season, exporters have been unable to meet up with their contractual agreements entered into on the back of a worsening Apapa and Tin Can traffic situation as well as the slow clearing process at the port.
The situation has resulted in a drop in price from an average of N500,000 per ton in 2018 season to N 200,000 per metric ton in 2019 cashew season, its lowest since 2016.
“The price of cashew has crashed to as low as N200, 000 per metric ton from N500,000 per ton of 2018 prices. This is the lowest we have sold since 2016,” Mr Zacheaus Egbewusi, chief executive officer, Agri-Commodities Inspection Limited, said in a telephone response to questions.
“The demand for Nigerian cashew is now very low because we hardly meet up with our supply agreement with buyers. This is because of the situation at the ports,” Egbewusi said.
Mebofarms Limited have being thriving hard to meet up all demands of customers regardless of negative factors within the country. We therefore urge and advice Nigerian people at large to invest into cashew exporting so as to meet the international demand at large.
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