The push by Nigeria to grow her non-oil export suffered a big setback when her 37,000 tonnes of cashew exported to Vietnam were rejected due to high price of the commodity.

This was revealed by the Deputy Executive Secretary, Federation of Agricultural Commodity Associations of Nigeria (FACAN), Mr. Peter Bakare. He said the price volatility was due to lack of conducive business environment.
He said this 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.

Mr Bakare noted that over 67,000 tonnes of cashew were also still lying in the warehouse in Nigeria. However, he said 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 base for their wine production or as drinks, he said, noting 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 also said that the demand for Nigeria’s Shea butter is high in the international market. “It is estimated that it could generate more than two billion dollars annually if well harnessed for large scale production, Bakare said.

He said FECAN as the apex body for over 45 commodity associations in Nigeria, was doing its best to serve as a one-stop shop to link farmers and the private sector operators.

SOURCE: https://www.trendingaccounting.com/2019/01/vietnam-rejects-37-000-tonnes-of-cashew.html

Bad news surrounds the lifeless one these days. An Omen of his calibre at the seat of power will only translate ill luck, misery and poverty to nigerians.

With this I bet agriculture would soon take over

Chai!
Even awa own cashew is suffering racism.
What did it do to Vietnam?!!
Racist!!

I blame PDP for that.they caused it all.

Before the cashew left Nigeria for Vietnam did the supplier and buyer not negotiate the price.
This is the first time in my life I am hearing that a product is being rejected by a buyer after being supplied because if high price.
Or is it me that did not read the post well?

Mcreloaded:
Before the cashew left Nigeria for Vietnam did the supplier and buyer not negotiate the price.
This is the first time in my life I am hearing that a product is being rejected by a buyer after being supplied because if high price.
Or is it me that did not read the post well?

My dear sometimes the things our journalists put out there for people to read begs the question if they at all went to the most basic of schools. How on earth does one export a product without agreeing financial terms before hand? If they had cited health inspection as reason, it would have even made some sense maybe the cashews got bad in transit but no, they said its price like Nigeria took the cashews to go hawk in "international market". anyway, this is election year so a lot of stupid write ups will always flood everywhere

Cashew can last for years when well stored in warehouses

Mcreloaded:
Before the cashew left Nigeria for Vietnam did the supplier and buyer not negotiate the price.
This is the first time in my life I am hearing that a product is being rejected by a buyer after being supplied because if high price.
Or is it me that did not read the post well?

You are 100% right. That was the exact same tin i was thinking. You mean the supplier and the buyer did not conclude on the price before the product left Naija? Na wa o

The story doesn't add up.

“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.

We guess the popular business niche 'AGREEMENT IS AGREEMENT doesnt apply in Vietnam!

Even our cashew is now regarded as LIFELESS

They're trying to Arm-strong us into selling cheap

Do they really think our products must be cheat to their state? Funny people.
Need a website/blog/software? Contact mysignature for contacts.

This is the worst week for Buhari and APC, I wish the week will not finish now

Believe me agric can save us in this country. The white men will buy our raw agric product process it and still bring it back to this country but this time he will sell it in high price higher than the price of the raw product.

fake news

Ehen

This is...






















































SHOCKING!!!

Everything about the dullard...

make them bring am back make we eat na

The article clearly said the cashew are still in warehouses in Nigeria.

Due to the high cost.

I tell them, Dem no go hear.

If u know what a tonne of cocoa is from Nigeria, you'll nealise that the farmers are pushing it.

Same.with others aggro export commodities.

They just put a high cost on it, since the government policy is favouring them just to become rich overnight!

Vietnam want to lowball us to sell cheap. Everybodi dey recession, even Canada just got out of it.

How I wish Buhari was in power when crude oil was selling at 110 dollars, not the 50 dollars we have today. I won't say God should purnish that buffoon called Jonathan.

Let's munch it back home, abeg.

As if we have even had enough...

dem (vietnam) angry that 9ja has become self-sufficient in rice production.
take a bow rice farmers, GEJ and his successor.

i doubt the cashews were shipped without the proper business export/import letters of credit.

kross01:

My dear sometimes the things our journalists put out there for people to read begs the question if they at all went to the most basic of schools. How on earth does one export a product without agreeing financial terms before hand? If they had cited health inspection as reason, it would have even made some sense maybe the cashews got bad in transit but no, they said its price like Nigeria took the cashews to go hawk in "international market". anyway, this is election year so a lot of stupid write ups will always flood everywhere

I just read am dey laugh

Huh...buh Buhari has integrity... Yoruba Muslim

cashew season starts from February to may, after that till the next year. The rejection, is for the last season or for this coming season? Cashew is one agricultural produce that does not stay long in storage, it will deteriorate. so after staying with them for more 7months, they are now rejecting it? or are they telling us what they rejected last season? And if they actually rejected it, why has my company not seen its own exported cashew?

How hard can it be to finish the product in this country?


We're just doing ourselves. Nobody is doing us.

FreddyKruger:
Bad news surrounds the lifeless one these days. An Omen of his calibre at the seat of power will only translate ill luck, misery and poverty to nigerians.

your thoughts are a bad omen to yourself

post=74905437:

We guess the popular business niche 'AGREEMENT IS AGREEMENT doesnt apply in Vietnam!

No! That's not the case, this was not particular to Vietnam, the same thing with India. It's about the same price issue. The reason why Nigeria as a country couldn't find herself among the top exporting nation is because of over bloated prices, the prices of commodities coming from Nigeria finds it difficult to compete in the international market with same produce coming from other countries. In all sincerity we are the ones shooting ourselves in the foot. I deal in export so I know what I'm talking about.