Agriculture

Vietnam rejects 37,000 tonnes of cashew export – official

 

Published

on

News Today 2

Cashew
By Hawa Lawal
Abuja, Jan. 14, 2019 (NNN) The Federation of Agricultural Commodity Associations of Nigeria (FACAN) on Monday said 37,000 tonnes of cashew exported from Nigeria to Vietnam were rejected because of high price of the commodity.

Mr Peter Bakare, the Deputy Executive Secretary, FECAN, disclosed this on Monday in an interview with News Agency of Nigeria (NNN) in Abuja.

He said that price volatility was due to as lack of conducive business environment that had made the price of raw cashew from Nigeria to be higher than the price of finished product in the international markets.

“The banks in Vietnam that usually provide the loans to their buyers for purchase complained that the prices of the finished products are less than the price of raw materials.

“The Vietnam financial institutions therefore backed out of the business, stressing that it is not a profitable venture for its farmers, so the produce are stuck in Vietnam now,’’ he said.

Bakare said that over 67,000 tonnes of cashew were also still lying in the warehouse in Nigeria.

He said however that the Nigerian hibiscus flower popularly called ‘Zobo’’ adjudged to be one of the best in the world was in high demand internationally.

“Some countries are using it as drinks or as base for their wine production,’’ he said.

Bakare said that measures were being put in place to safeguard the export of the flower to ensure that exporters were  complying with the sanitary and phytosanitary requirements of “Zobo’’in the international markets.

He said that there was also high demand for Nigeria’s shea butter in the international market.

“It is estimated that if well harnessed for large scale production, it could generate more than two billion dollar annually,’’ he said.

Bakare said that FECAN as the apex body for over 45 commodity associations in Nigeria, it was doing its best to serve as a one-stop shop to link farmers and the private sector operators.
(NNN)
FHO/GY
=======

Edited by Grace Yussuf

Short Link: https://wp.me/pcj2iU-2jsB

NNN

NNN: :is a Nigerian online news portal that publishes breaking news in Nigeria, and across the world. Our journalists are honest, fair, accurate, thorough and courageous in gathering, reporting and interpreting news in the best interest of the public, because truth is the cornerstone of journalism and they strive diligently to ascertain the truth in every news report. Contact: editor @ nnn.ng

Recent Posts

FIDA Bauchi engages women on family values Niger governor counsels vigilante corps on operational conduct INEC ready for June 19 Kaduna by-election– REC NCDC records 17 new COVID-19 cases At least 36 injured in attack on Colombian military base China to send astronauts to space station site for first time NCoS calls for virtual court sitting for speedy trials Religion, culture hamper domestication of Child Rights Act — Christian Aid Nigeria Consulate in New York clears backlog of over 1,300 passports Soaring e-waste affects the health of millions of children – WHO Climate Change: NGO takes tree planting campaign to students in FCT S/Africa taxi violence cause for concern – Official Alleged murder: S/Africa-based Nigerian group call for calm Uzodinma plans insurance scheme for Imo police command NCDC seeks collaboration with states to end epidemics Army clarifies COAS service record Kano Govt recalls teachers in private, community schools Kaigama advocates elimination of North, South dichotomy for true democracy PENCOM introduces new online enrolment application Entrepreneur calls on FG to provide coconut seedlings for farmers Child abuse: CCTV as solution How Gbagyi people preserve farm produce NGO calls for more cancer awareness in rural communities Mortars still preferred to blenders Elders Day: Group urges immediate end to abuse against elders Foundation advocates more investment in sports to curb crime Nestlé organises quiz competition for kids on nutrition in FCT Africa COVID-19 cases surpass 5m -WHO Press Council to partner Bangladesh on capacity building NiMet predicts 3 days cloudiness, sunshine from Wednesday Nigeria targets 80% eradication of Child Labour by 2025 Osinbajo inaugurates National Traffic Radio Embrace agriculture to be self-employed, institute tasks youths FG reiterates support for local entrepreneurs Ministry, Diana group to feed 97,000 children Through the Looking Glass: An Optimistic View of West Africa’s Ten-Year Prospects Centre advises farmers on alternative fertiliser Bring informal sector to tax net to boost revenue, says don 15 soldiers die in suicide bombing in Somalia Buhari advocates timely completion of NLNG Train 7 Obaseki inaugurates Renal Dialysis Centre in Auchi ILO elects Nigeria as regular member of Governing Board Twitter writes FG over suspension, seeks dialogue Japan to donate 1m AstraZeneca vaccine doses to Vietnam Twitter’s founder, Dorsey, liable for EndSARS losses-FG SPDC reports 51 leaks in N/Delta this year Philippines records 5,389 new COVID-19 cases, 118 more deaths EKEDC explains outage in Badagry World Bank, AU to deploy vaccines for 400m Africans Papal inspectors complete probe into Cologne sex abuse scandal