Nigeria is the world’s second largest producer of cashew nuts, with an annual output estimated at 960,000 tonnes. Cashew is one of the 13 products identified by the current administration under its national strategic plan that will be prioritised for export. With global demand for the commodity increasing by 53% since 2010, it has the potential of being a major foreign exchange earner.
Meanwhile, domestic commodity prices have remained relatively flat this week in spite of the MPC’s decision to hold interest rates at current levels.
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