Julius Berger Commences Cashew Processing Business in Nigeria

Alt: = "cashew"

Nigeria`s constructions giant, Julius Berger is constructing a multimillion dollar cashew processing plant in Lagos, Nigeria. 

The company first announced its plans to diversity into agro-processing business to its shareholders in 2020. 

During the company’s regulatory filling with the Nigerian Exchange Group, it notified that it intends to go into agro-processing, cashew processing in particular, in Nigeria.

"Julius Berger is pleased with and indeed excited about its progress with this initiative. Julius Berger reiterates that our diversification direction would support the continued success of the Julius Berger Group in the future and align with the strategic objectives of the Government to stimulate value creation in Nigeria," the company said in a statement.

When it becomes operational, Julius Berger Plc will join the list of agribusiness companies listed at the Nigerian Stock Exchange.

Prospect of Cashew Processing in Nigeria

Cashew is one of agric-food products Nigeria exports. With the export statistics of Q2 2021, cashew is the second largest agric export earner for Nigeria with contribution of N42.94 billion in revenue. It comes second after Cocoa that contributed N63.18 billion as Nigeria’s agric-food exports hit all-time high of N165.27 billion.

Cashew can be export in shell or shelled.

The cashew juice can also be used is making beverages. Unfortunately, Nigerian cashew juice is left to rot away as farmers harvest only the nuts.

The top destinations are Vietnam, India, USA, Russia and the Netherlands.

Vietnam is the biggest importer with N2.8 billion, India (N1.2 billion), USA (N104 million), Russia (N42 million) and the Netherlands (N33.3 million).

There is therefore, viable opportunity in cashew processing in Nigeria

In Q2 2021, Cashew nuts  earned Nigeria about  N42.94 billion, the second highest after Cocoa – 63.18 billion.

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