Category : Agriculture

Other News / Agriculture - 4 days ago

Drop in global price threatens cashew exports

The National Cashew Association of Nigeria Publicity Secretary, Mr. Sotonye Anga, has said the continuous crash of commodity prices in the global market has had a huge impact on the Nigerian cashew sector. Many exporters, he said, have been forced  to hold excess stocks of raw cashew nuts bought at a time when prices were more favourable. Anga told The Nation that cashew sells for below  $1,000 per metric tonne (MT), signaling 34 per cent drop in price from last year. Last year, the price of raw cashew nuts fell by 50 per cent from N600, 000 ($1,666) per metric tonne in April to about N300, 000 ($833) in July. In 2017, a metric tonne was bought at the rate of N600,000. 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. Cashew nut farmers in the country have lost approximately N99 billion since the commencement of production this year. The farmers produce about 220,000 metric tonnes of cashew nuts yearly. This year, however, the cost plummeted to N150,000 per tonne. The figure implies that they lose N450,000 on every tonne sold. Multiplied by 220,000 metric tonnes, the farmers are set ba...

Other News / Agriculture - 4 days ago

IFAD: Boosting food production in Nigeria

The International Fund for Agricultural Development (IFAD) financed rural development projects have contributed to increased productivity and incomes in Nigeria, DANIEL ESSIET writes. That rural development financed  projects by the International Fund for Agricultural Development (IFAD) have contributed to increased productivity and revenue in Nigeria is not  in doubt as many beneficiaries have good tales to tell. IFAD is an international financial institution and a specialised United Nations’ agency based in Rome, which is the UN’s food and agriculture hub. One of the projects is Value Chain Development Programme, which  aims to transform the agricultural sector of rural Nigeria by achieving food security, increasing incomes and creating new employment opportunities. Juliet Ngozi Ebuo, 31, was one of those who took advantage of the programme to acquire  new irrigation systems on her 10 hectares of land. She is a rice farmer in Ayamelum community in Anambra State, and belongs to the Divine Destiny Multipurpose Cooperative. Before joining the cooperative, Juliet was unhappy with her livelihood. She found farming to be tedious and unsatisfying. But after joining Divine Destiny, she gained access to many of the resources and tools the IFAD-funded Value Chain Development Programme pr...