Nigeria is currently the 6th largest producer of cashew nut in the world. Nigeria is seriously milking money out from cashew exportation falling only behind Ivory Coast, Tanzania, Burkina Faso, Ghana, and Mozambique according to cashew association. Therefore, knowing how to start cashew nut business in Nigeria is a business everyone should look forward to venturing into.
How To Start Cashew Nut Business in Nigeria
1. Get A Land
Acquire land. The best soil type to use is sandy soil with laterite. Clear grasses and cut down shrubs and trees. Use machines to plow and leveled the land. Mix the sand with animals dung if the nutrient is low but you have to test the soil first to know its nutrient level.
2. Do Your Research
The Cocoa Research Institute of Nigeria (CRIN) Ibadan, is a good place to start from. By doing this, you will have significantly lowered the chances of failure in your intended business. CRIN has carried out a lot of research in this regard, hence, it is the right body to approach. an important aspect of the research conducted by CRIN is that you get to know the sources of demand (both domestic and foreign).
3. Register Your Business
The next thing to do if you want to start a cashew nut business in Nigeria is a registration with the Corporate Affairs Commission. This will allow you to function in a bigger capacity. You’ll have access to loans and government incentives. Moreover, you need a license to do the foreign and domestic supply of cashew nut.
Planting cashew from seed is as stressful as that of coffee and oil palm. That is why it is advisable you buy already sprouted seedlings from an established nursery with good species. Or propagated plants the seedlings take 3 years to produce while the direct ones (seed planting) take 5 years to produce.
This depends on how much you are willing to invest in the business. Your financial strength determines your scale of operation. It is therefore important that you consider your financial strength and pattern your business according to available resources.