Cashew Nuts Market Price in Nigeria – 2024 Prices and Charts

Cashew nuts and cashew apples are inseparable. This is because a cashew nut is the seed of a cashew apple. Strangely, it protrudes from the apple rather than being enclosed in the apple.

Even though the cashew apple carries the name apple, it does not taste like one. Instead, the only characteristic that is common between them is that it is a false fruit. Just like an apple, a cashew apple is formed after the development of the ovary combined with other parts of the flower.

It is obvious that cashew nuts come from the cashew tree. Additionally, growing cashew trees is not as demanding as other fruit trees. Cashew trees can grow in poor soils and dry climatic conditions.

There is well-established evidence that cashew nuts are good for us. One way people are consuming them is by blending them into a smoothie. A cashew smoothie often contains other fruits or even unusual ingredients based on the consumer’s preferences.

Cashes nuts can also be turned into cashew butter. Cashew butter is better if its on a healthy snack or meal like whole grain bread rather than refined food. Eventually, any health benefits found from consuming whole cashew nuts may also be applicable to cashew butter.

Cashew Nut Nigeria

Finding large buyers is included in the challenges facing cashew nut farmers in Nigeria. Brokers are the main purchasers of Nigerian cashews. It is only the good brokers who build connections and help Nigerian cashew farmers turn their crop into profits. One common thing among reliable cashew nut suppliers in Nigeria is that they trade using supply contracts.

The National Cashew Association of Nigeria (NCAN) regulates cashew trade in Nigeria. Thus, brokers licensed by NCAN help Nigerian cashew farmers profitable. A lot of these brokers use their in-depth knowledge of market trends to ensure deals between cashew nut growers in Nigeria and international buyers benefit parties involved.

Cashew Export in Nigeria

Exports of cashew nuts from Nigeria were valued at just above 180 million US Dollars in 2021. Compared to the previous year, it is an increase of 62%. The sharpest climb was from 2016 to 2017 when the export value rose from about 30 million US Dollars to around 81 million US Dollars.

Here are the total values in export of cashew nuts from Nigeria between 2012 and 2021

Price of Cashew Nut per kg in Nigeria

The cost of a kilo of raw cashew nuts in Nigeria can be between 400 Nigerian Naira (US0.5 Dollars) and 800 Nigerian Naira (US1 Dollar). This is based on the average export price per kg. This wholesale price can go as high as 1,500 Nigerian Naira (US2 Dollars).

Cashew Nut Price per ton in Nigeria

The cost of a ton of raw cashew nuts in Nigeria can be between 400,000 Nigerian Naira (US515 Dollars) and 800,000 Nigerian Naira (US1,030 Dollars). This is based on the average export price per ton. This wholesale price can go as high as 1,500,000 Nigerian Naira (US1,933 Dollars).

Raw Cashew Nut Price in Nigeria

Due to the competitive nature of the cashew nut industry in Nigeria, there are no official records of prices which are published regularly. Global market trends also influence prices in the country that are paid over a season. Even with seasonal price changes, high quality raw cashew nuts (RCN) yield good outturns and command the highest prices.

Cashew Nut Market in Nigeria

In Nigeria, much of the cashew trade is done at the village level. Generally, there are two places where you can buy cashew nuts. One is at the buying centers and the other is at local open-air markets.

Buying centers are located in major production areas. Buying and selling of cashew nuts occurs especially during their season. A buying center is usually operated by an agent who does quality checks and arranges bulk storage for the buyer. Subsequently, these agents purchase cashew nuts at a price agreed upon by both buyer and farmer or farmers.

The quality of cashews determines the price a buyer might offer. A raw cashew nut that looks good on the outside may have a bad kernel on the inside. The lower the quality, the lower the price.

Proper sampling must be done for Nigerian cashew nuts meant for export. Samples are drawn from not less than 30% of the consignment. The sample is then properly mixed and reduced. A 1kg sample is analyzed for moisture, nut count, defectives and kernel output ratio (KOR).

In the first place, an agent gathers a sizeable volume of cashew nuts. Later, they verify the quality of these nuts. At last, a truck transports these cashew nuts to either processors in the country or exporters.

Some of the things buying agents look out for are:

  • Size
  • Nut count (number of cashews per kilo)
  • Defects (not more than 10% of the total number of cashews)
  • Moisture level
  • Kernel output ratio (not less than 20kg per 80kg sack)
  • Void (number of empty shells). This is tested by putting a sample size of cashews that are split into half in water. Empty shells float on water.

Huge open-air markets in Nigeria have both wholesale and retail sections that specifically sell cashew nuts. A few exporters and local processors can be found purchasing at these markets. However, cashews bought at these markets are mostly for household consumption. They are located almost entirely in populated areas.

Whether in rural or urban areas, smaller open-air markets in Nigeria sell cashew nuts that are already shelled and roasted at high temperatures. This indicates to consumers that they are ready for consumption. Largely, cashews sold at these markets are packaged in nylon bags and recycled bottles.

Medium scale cashew nut processors first buy raw cashews either from buying centers or wholesale markets. They then supply cashew kernels to supermarkets and hotels and restaurants. While small scale processors supply cashew kernels to street traders and small markets. Cashew kernels sold in Nigeria vary in quality and grades from those in polythene bags to those in tins and bottles.

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