• Economy
  • Industry
    • Industry
    • Banking
    • Agriculture
    • Energy
    • Telecoms
    • Real Estate
    • Insurance
    • Manufacturing
    • Education
    • Transportation
    • Technology
    • Media
    • Textile
    • Tourism
  • Markets
  • SME Focus
  • Financial Crime
  • World
    • World
    • United States
    • Asia
    • China
    • Europe
    • Britain
    • South America
  • News
  • Opinion
May 21, 2022

  • Economy
  • Industry
      • Banking
      • Agriculture
      • Energy
      • Telecoms
      • Real Estate
      • Insurance
      • Manufacturing
      • Education
      • Transportation
      • Technology
      • Media
      • Textile
      • Tourism
    • Markets
    • SME Focus
    • Financial Crime
    • World
      • United States
      • Asia
      • China
      • Europe
      • Britain
      • South America
    • News
    • Opinion

    HomeIndustryAgriculture50,000 tons of Cashew, worth 300 million Dollars trapped in Lagos Port

    50,000 tons of Cashew, worth 300 million Dollars trapped in Lagos Port

    • March 29, 2019
    • 0 comments
    • Demola
    • Posted in AgricultureEconomyNews

    Gridlock and inefficiency at the ports of Nigeria’s commercial hub, Lagos, delayed shipment of 50,000 tons of cashew nuts valued at $300 million and is threatening this year’s output as traders are cash-strapped.

    The kidney-shaped fruits from last year’s harvest should have been exported by January, according to Tola Fasheru, president of Nigeria Cashew Exporters Association. Instead, they are still in containers on trucks waiting to enter the ports or on wharves, he said.

    Roads to Lagos ports are badly congested, with hundreds of lorries queuing to enter the premises and either deliver or pick goods. In addition, inadequate capacity and infrastructure, stifling red tape and corruption are hampering export processes, according to Fasheru.

    “There is a palpable lack of synergy among the port operators and this is affecting the business of our members,” he said Thursday by phone from Lagos.

    Some members of the cashew association have defaulted on contracts to the extent that foreign buyers are now walking away from them. “They are no longer willing to give us fresh contracts,” said the group’s president.

    The delay is likely to affect the output target of 260,000 tons for the current season, which started in February and will end in July.

    “Not one single cashew exporter is in the field now as he is owing on contracts and as a result has no money to operate with,” said Fasheru.

    Africa’s sixth largest cashew producer plans to raise its annual production to 500,000 tons by 2023, according to a five-year strategic plan released in 2018 by the National Cashew Association of Nigeria.

    The country is the continent’s biggest oil producer and President Muhammadu Buhari’s administration is seeking to reduce dependency on crude and diversify the economy, which contracted in 2016 after oil prices and output crashed. Agriculture is one of the key sectors the government has been trying to boost.

  • Share on Tumblr
  • Comments

    comments

    Related Posts

    0 comments
    AgricultureNews

    Kwara State Governor launches new tractors, implements to boost food security

    0 comments
    AgricultureIndustryNews

    Central Bank of Nigeria raises agric credit scheme fund to N50bn

    0 comments
    AgricultureEconomyIndustryNews

    World Bank supports Nigerian farmers with modern farming techniques

    We are committed to women empowerment – Nigerian Ports Authority

    • March 20, 2019
    • 0 comments

    Nigerian Ports Authority, NIPR resolve to deepen existing collaborations

    • March 29, 2019
    • 0 comments

    Share this

    About author

    Demola

    Related Posts

    0 comments
    AgricultureNews

    Kwara State Governor launches new tractors, implements to boost food security

    0 comments
    AgricultureIndustryNews

    Central Bank of Nigeria raises agric credit scheme fund to N50bn

    0 comments
    AgricultureEconomyIndustryNews

    World Bank supports Nigerian farmers with modern farming techniques

    0 comments
    News

    Nigerian Ports Authority commends NIMASA over gender equality

    Tags

    • Agriculture
    • Cashew
    • Farmers
    • Nigerian Ports Authority

    Leave a Reply Cancel reply

    © 2017 Business Africa
    • About Us
    • Ad Rates
    • Contact
     Tweet
     Share
     E-mail
     Tweet
     Share
     E-mail
     Tweet
     Share
     E-mail
    loading Cancel
    Post was not sent - check your email addresses!
    Email check failed, please try again
    Sorry, your blog cannot share posts by email.