Cashew Farmers Rejoice as Prices Soar to N1.8m per Tonne

Samuel Edward

Cashew farmers in Nigeria are celebrating a major victory, thanks to Governor Usman Ododo’s cashew policy, which has led to a significant increase in prices, hitting N1.8 million per tonne. The policy, which prohibits foreigners from buying directly from farmers, has been hailed as a game-changer for local farmers, who are now reaping the benefits of their hard work. This move is expected to have a positive impact on the country’s economy, particularly in rural areas where cashew farming is a major source of income.

The policy aligns with an earlier directive by the Federal Executive Council (FEC) that restricts foreign traders from direct farm-gate purchases. According to Dr. Ojo Ajanaku, National President of the National Cashew Association of Nigeria (NCAN), this policy has prevented foreign buyers from manipulating prices, ensuring fair returns for farmers. The move is seen as a major boost to the local economy, with many farmers expected to benefit from the increased prices. As Nigeria is one of the world’s largest producers of cashew nuts, this policy could have far-reaching implications for the global cashew market.

The policy is expected to have a ripple effect, creating jobs and stimulating economic growth in rural areas. With the increased revenue, farmers are likely to invest more in their farms, leading to improved productivity and quality. The Nigerian government hopes that this policy will put the country on the map as a major player in the global cashew market.