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