- Farm Name:MARANATA FARMS
- Email: Adisayinka@yahoo.com
- Phone:+234 803 337 7206
- Address:ARADEMI ESTATE AKOBO, ROAD 3C HOUSE 35
The cashew market globally is valued at $9.9 million in 2018, and projected to reach $12.7 million dollars by 2024. And African countries contributed 56.5% of the global production.
In the last eight years, Vietnam had increased its export presence to over 85 countries. It is the largest supplier of cashew to the United States, China, Australia, Canada, and New Zealand. However, in Africa, the country like Côte d’Ivoire contributes 35% and followed by the Benin Republic 11%, Tanzania and Guinea Bissau 10% and 9% respectively. Conversely, Ghana is the largest importer of cashew in Africa accounting for almost 80%. Considering the bilateral relationship between Nigeria and Ghana, through Oyo state, Nigeria could contribute up to 50% of Ghana cashew importation.
CONCEPT
To plant, export and process cashew nut shell liquid (CNSL), cashew apple, cashew nut kernel for the global market.
COMPANY BACKGROUND
Professor Charles Adeyinka Adisa who is of the department of Surgery, Abia State University, and an indigene of Akanran, Ona Ara local government area, Oyo State is the project team leader for the cashew plantation project in both Atisbo forestry reserves and Igangan, both in Oyo State. ་
Considering the high global demand of cashew globally, the project initiator wants to leverage on the globalization of cashew and, processing of cashew nut shell liquid (CNSL) for its medical composition.
COMPANY PROFILE
Our investment in cashew business started three years ago. Given our resolve to bridge the gap in cashew exportation in Nigeria between the highest exporter in Africa and, the medical benefit and for CNSL raw materials. Like cashew nut, CNSL also has an excellent international market.
With our size of plantation (1250 hectares of land) business model (customer value proposition and profit formula) and strategy (proactive and reactive), we are placed to bridge cashew exportation gape with Africa region and to expose Oyo State
MARKET
Cashew nut shell liquid (CNSL) imports have reached almost $10 million annually according to the survey, corresponding to the sale of the raw liquid. However, the exporting country earns much more in foreign currency exporting this raw material. Moreover, Ghana alone imports more than 80% and a country like Côte d’Ivoire which is the highest exporter of cashew in Africa at 35%, and African countries at 56%, which has not met what Ghana alone imports. And the recent survey projected the cashews market in Africa to grow at a CAGR of 4.5% in terms of production for the forecast period of 2019-2024. Yet, this growth has not met its demand in Africa alone.
LEVEL OF INVESTMENT
Investment to date was about #9,000,000.00 spent in 2018 on farm while 2019 was #15,000,000.00
EMPLOYMENT OPPORTUNITY
Most cashew trees start bearing fruit in the third or fourth year of plantation and are likely to reach their mature yield by the seventh year if conditions are favourable. Consequently, employing more hands is premised on the yield period. Although more than sixty causal workers have been employed since the beginning of the project and virtually all of them are indigenes of Oyo state, employing skilled workers is contingent on the mature yield period. With our projection, within the ninth year of the plantation, its capacity to absolve skilled workers to the cashew nut shell liquid production plant would be impressive.