Cashew nuts is one of the major exported agricultural products in Nigeria? The exportation of cashew nuts is one of the several invaluable gold that are under-mined in the country today.
Aside the nourishment and health benefits one gets in eating cashew, the nuts is a huge source of income for you.
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According to the 2020 reports on Foreign Trade in Goods Statistics by the Nigerian Bureau of Statistics (NBS), Nigerians have recorded huge profit worth over N39.6bn exporting cashew nuts in the past 9 months, hence, projecting an average N50bn by the end of December.
In the first quarter of 2020, Nigeria exported over N4billion cashew nuts to Vietnam, India, Algeria, United States, and Indonesia.
In the second quarter, the product recorded a sharp growth as it rose from N4bn to over N18.9bn export to Vietnam, India, Tanzania, UAE, United States, Netherlands and Canada.
In Q3 2020, cashew nuts export rose to the second major exported agricultural products. It yielded more than N16bn from its export to Vietnam, India, Chad Republic, Ghana, and Germany.
These reports reveal that the cashew nuts business is a lucrative adventure for eager entrepreneurs across the country.
You too can be among the major exporters or suppliers of cashew nuts. TheNewsBeam has gathered some important steps you need in order to make it through this lucrative business.
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How to Start Cashew Nuts Business in Nigeria
Learn the Rudiments of the Business: The first thing that determines the success or failure of a businessman is knowledge. How versed are you about the business?
This knowledge would make you understand the ups and down, back and forth of the business. Getting the right knowledge about cashew nuts is possible by attending conferences, exploring resource centres such as Cocoa Research Institute of Nigeria (CRIN), Ibadan.
The institute has carried out numerous researches on cashew nuts that would be highly beneficial to you.
Know What Part of the Business to Venture in: While you take the bold step to start earning BIG with the cashew nuts business, it’s necessary to focus on a section in the business.
Some of the various sectors in the business include farming/production, processing, Middle- man/supply, and Exporting sectors. An interesting fact about this business is that there’s no sector you choose that won’t fetch you wealth. All you need is learn before you start.
Register Your Business: Since you know your niche in the business, the next important step to take is the registration of your business. The ideal registration package for this kind of business is the limited liability company.
Register with licensed Agricultural Products Exportation Bodies: This would not only give your company wide recognition among other firms in the business, it is a place to create connection with other firms.
Know Where to Find the Best Cashew Nuts: Here are some places in Nigeria you can find the best cashew nuts: Abia, Kogi, Enugu, Imo, Oyo, Niger, Kaduna, and Abuja.
Know where to Export your Products to: The report stated above has shown some of the destination of Nigeria’s cashew nuts.
The countries are Vietnam, India, Tanzania, UAE, US, Netherlands, Canada, Chad Republic, Ghana, Indonesia, Algeria, and Germany. This countries are the major importers of cashew nuts from Nigeria.
While you source the best dealer, beware of fraudsters as they are on the look out for you. Your affiliation with licensed bodies and versed knowledge in the business would help you find reliable dealers.
With these few steps, I assure you of a smooth wealth accumulation in the cashew nuts business.
Now that I have revealed to you, the secret to success, why not share with your friends and family. We can all make millions together in the cashew nuts industry.
I look forward to receiving your comment on this post.
Culled from Remfilson Limited