Nigeria to supply Walmart with $7 billion worth of cashew nuts – Minister

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Nigeria is set to supply 130,000 tonnes of roasted cashew nuts valued at $7 billion to Walmart Super Market chain in the United States of America, USA.

This was revealed by the Minister of Agriculture, Audu Ogbe, on Wednesday while briefing State House correspondents after the meeting of the Federal Executive Council at the State House Presidential Villa Abuja.

“But the other good news is cashew nuts. These things look small, but we are in conversations with Walmart, the biggest supermarket chain in the U.S., they came here and asked us to roast cashew nuts for them

“Their demand is a 130,000 tonnes of cashew nuts per annum, the total value is $7 billion,” he said.

Mr. Ogbe said what Nigeria currently does is ship the nuts to Vietnam, who in turn roast and sell to the U.S.

“This year we are going to create six cashew processing factories in Nigeria, one each to be cited in Enugu, Imo, Benue, Kogi, Kwara and Oyo states. These are the cashew belt for now,” he said.

The minister said these options are coming now because Nigeria is beginning to focus on non-oil export.

“Once you can diversify your economy, if something goes wrong in one sector you can hang on to the other,” he said.

Mr. Ogbe had earlier said Nigeria will formally flag off the export of yam to the UK on Thursday.

He said the government is also looking to use yam for industrial starch for the textile industry and for export to China.

He added that India is also asking Nigeria for the supply of beans. He said the beans market in India alone is about $100 billion.

“When the Indian Vice President came here, he asked me to visit so we could talk, so the market in Agric is huge, the prospects are large; it’s about improving on our strategies at home and getting all our states to get involved, not all of them are doing what they ought to be doing now,” the minister said.


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  • jessika

    Does the minister know the difference between 6 billion dollars and 6 billion naira? What is Walmart’s annual revenue, that $6 billion will go to cashew nut? However, I assume he had naira in mind, and it could even end up being $1.6 million.

    • Meffis

      Jessika, you amaze me to think the minister of agriculture is mistaken N6B for $6B. So you feel $6b is too big for Walmart to afford. Let me start by telling you, Walmart is the richest company in the world with annually revenue of over $483B. Walmart annually revenue will take Nigeria as a nation about 18years to realize ok. It important you ask questions of what you don’t know. I would advice, you get some education. Thanks.

      • Manuel Tobby

        Thanks

    • Meffis

      Jessika, you amaze me to think the minister of agriculture is mistaken N6B for $6B. So you feel $6b is too big for Walmart to afford. Let me start by telling you, Walmart is the richest company in the world with annual revenue of over $483B. Walmart annual revenue will take Nigeria as a nation about 18years to realize ok. It important you ask questions of what you don’t know. I would advice, you get some education. Thanks.

      • aisha ani

        Whatever happened to the proposed plan to open Walmart stores in Lagos state? I believe Governor Ambode had some meetings with the management in 2015, hopefully they will revisit it in the near future.