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Nigeria Can Earn $505m From Processed Cashew — Study

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Nigeria to expand Cashew Nut export by 2020
  • Nigeria Can Earn $505m From Processed Cashew

Nigeria stands to earn $505m from exports of processed cashew nuts in the next seven years if attention is paid to scaling up production and value addition to the crop.

This is contained in a study of the Nigerian cashew industry conducted by the Cashew Processors and Packagers Association of Nigeria.

Nigeria currently exports only Raw Cashew Nuts, and according to the Chief Executive Officer of Nigerian Export Promotion Council, Mr. SegunAwolowo, the country produced 160,000 metric tonnes of the RCN in 2015 worth $253m.

He said that processing even 50 per cent of that volume of the RCN for exports would create 9,000 additional jobs.

The study was presented by the Managing Director, Valency Cashew Processing Limited, Mr. Basba-NandBalodi, to the team from NEPC who paid a visit to his processing plant recently.

It indicated that Nigeria had the potential to increase the production of the RCN from the current 160,000MT to over 500,000MT within the next seven years and to 1000, 000MT in the next 12 years.

Balodi said that only about 15 per cent of the RCN was being processed in Nigeria, generating about 3,000 direct and 12,000 indirect jobs.

He said, “Within five to seven years, when production grows to 500,000MT, 167,000 direct and indirect jobs will be created and if 50 per cent of that is processed for exports, the country will generate $505m.”

He lamented challenges facing cashew processors, pointing out that they were unable to compete with their peers in other countries.

He said, “Nigerian processing industry is unable to compete with industries in India, Vietnam, Asia as well as Benin Republic and Ivory Coast in West Africa.

“Lack of electricity, poor infrastructure and inefficient incentive schemes, non-readily available single-digit interest funds for processing as well as lack of government policy support on value realisation of by-products like empty cashew shell and husks are among major challenges facing processors in Nigeria.

“In Nigeria, processors spend around $20 per MT on disposal of these by-products whereas in India and Vietnam, by-products generate about $150 per MT to the processors.”

Balodi suggested that for the sector to be developed, the government should set up a cashew council under NEPC or the Ministry of Agriculture and provide a window period up for processors to buy the RCN for local processing to coincide with the time adopted by neighbouring Benin Republic.

He advised the government to impose an export levy of $150 per MT on the RCN, starting from January 2018.

He said, “With the RCN export of about 160,000MT, NEPC can expect to collect about $22.5m and with growing population, this revenue can grow every year. This levy already applies to the Benin Republic and Cote D’ivore. “

He urged the government to promote the consumption of cashew and create awareness of its health benefits.

Awolowo assured the processors who were also present during his visit to the cashew processing plant that government was aware of their challenges and was taking steps to address them.

He said that cashew was one of the 13 national strategic export products chosen by the government under category B of the Zero Oil Plan, which was highlighted in the recently launched Economic Recovery and Growth Plan of the government.

He pledged that the council would continue to support the operators through capacity building projects such as the NEPC/United States Agency for International Development/NEXTT project to improve competitiveness in the value chain.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Sterling Bank Partners Helium Health and Ekiti State On Digital Healthcare Service

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Sterling Bank - Investors King

Sterling Bank Plc has partnered with the Ekiti State Government and Helium Health on the installation of an Electronic Medical Record (EMR) system in hospitals in Ekiti State for digital health care service delivery to the people of Ekiti.

The bank and the state signed a Memorandum of Understanding (MoU) at the Data Bank Building, Ministry for Health in Ado-Ekiti, Ekiti State.

Sterling Bank had outlined the health sector as one of the five sectors where it is focusing investments under ‘HEART’ one of Sterling programme in a bid to make an impact in the Nigerian economy. The other sectors are education, agriculture, renewable energy and transportation.

Group Head for Health in Sterling Bank, Mrs Ibironke Akinmade noted that health care will greatly improve in Ekiti by the time the EMR is fully in place.

“This will bring an end to the practice of carrying files from office to office in hospitals and clinics across the state. She added that mismanagement of data would also become a thing of the past,” Akinmade said.

enjoy better medical attention. Sterling Bank had set aside money for this project six months ago. We had already done it in other states and we plan to go to as many states as possible.

“Health is one of the five pillars of Sterling Bank. It is a sector that is very dear to us as a bank because we are very passionate about the well-being of every Nigerian. Rather than just do our traditional business, we want to enrich lives,” Akinmade said.

Head, Regional Growth, Public Sector, Helium Health, Mr. Abiola Osunniyi said the agreement will enable critical health infrastructure for digitisation of four hospitals in Ekiti that will be used as pilots before expanding to other hospitals.

“The essence is to digitise the patients’ data so that our doctors can access them easily for improved and quick healthcare delivery. One of the core mandates of the state government is the delivery of quality health care to the citizens. So, as a private organisation, we want to support the state government through the provision of technology in hospitals.

“We have done this partnership with Akwa Ibom and Lagos, primarily around bridging the existing gap that exists in patients’ data because there is usually a gap. The old days when patients’ data are kept primarily on papers are over.

“In most cases, patients’ records got lost, but with the provision of this digital infrastructure, their data can be protected. In cases of lost patient data, doctors may ask patients to repeat treatments (operations, tests, etc. ) that might be deleterious to the patients. We plan to introduce an electronic medical record (EMR) system so that at the mention of a patient’s name, the records will be displayed. Accurate health care data and storage can affect healthcare administration positively,” Osunniyi said.

Ekiti State Commissioner for Health, Dr. Oyebanji Filani said the project will remove redundancy in hospitals and inject modernity into the healthcare system in the state.

He said technology is a critical weapon that can strengthen the health sector through accurate collection, processing and storage of health care records that will improve the quality of healthcare services by providers.

“Digitisation process in health system all over the world helps to reduce wastages and redundancy as well as inject transparency and accountability into medical facilities. I know there will be a tremendous improvement in the keeping of health care records and significantly improved turnaround time in the delivery of healthcare services in our facilities with this technological intervention,” Filani said.

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BUA Cement Announces 24.6 Percent Increase in Profit to N43.4 Billion in H1 2021

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BUA Cement stock - Investors King

BUA Cement Plc, Nigeria’s second-largest cement manufacturing company, on Thursday reported a 22.7 percent increase in revenue in the six months ended June 30, 2021.

Revenue rose from N101.261 billion recorded in the first half (H1) of 2020 to N124.278 billion in the first half of 2021.

The company disclosed in its unaudited financial statements release through the Nigerian Exchange Limited and seen by Investors King.

As expected, the cost of sales inched higher by 19.1 percent from N55.539 billion in H1 2020 to N66.158 billion in H1 2021. While gross profit expanded by 27.1 percent to N58.120 billion in H1, up from N45.723 billion.

The cement manufacturing company grew other income by 52.3 percent from N47.653 billion filed in H1 2020 to N72.6 billion in H1 2021.

Administrative expenses rose to N4.17 billion in the period under review, representing an increase of 57.9 percent when compared to N2.643 billion recorded in H1 2020.

Operating profit increased by 23.8 percent from N40.809 billion in the corresponding period of 2020 to N50.524 billion in the period under review.

Profit before income taxes rose by 26.9 percent to N49.700 billion in H1 2021 from N39.165 billion in H1 2020.

The company paid N6.3 billion in income tax in the first half of 2021.

Therefore, profit after tax stood at N43.396 billion in the first six months of 2021, an increase of 24.6 percent when compared to N34.819 billion achieved in the same period of 2020.

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Appointments

Seplat Energy Appoints Dr. Emma FitzGerald as an Independent Non-Executive Director

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Seplat Energy Plc - Investors King

Seplat Energy Plc has appointed Dr. Emma FitzGerald as an Independent Non-Executive Director of the Company, the company disclosed on Thursday.

Dr. FitzGerald will replace Lord Mark Malloch-Brown who retired from the Board of the Company on 1st August 2021.

Dr. Emma FitzGerald Profile

Dr. FitzGerald is a seasoned executive in Energy & Water, with hands-on experience in transformation through her many years of working at Shell, ranging from building its lubricants business in China to running its Global Retail network.

From 2007-2010, she was accountable for Shell’s Downstream strategy and played a key role in reshaping Shell’s renewables strategy including the creation of Raizen, a game changing biofuels JV with Cosan. From 2013 to 2018 she ran gas distribution and water & waste networks for National Grid and Severn Trent where she successfully
positioned them as sustainability thought leaders in their Industries.

Most recently Dr. FitzGerald served as CEO of Puma Energy International, a global energy company owned by Trafigura and Sonangol, which is focused on high potential developing markets in Africa, Asia and Central America. In 2020 she set up Puma’s Future Energies division to play a critical role in helping customers and communities find the right energy solutions to support the energy transition. Over the last 10 years she has served on various Boards in executive and non-executive capacities and currently sits on the board of UPM Kymmene, an international paper & biomaterials business focused on innovating for a future beyond fossil fuels.

Commenting on the appointment, Dr. A. B. C. Orjiako, Chairman of SEPLAT Energy said: “The Board of SEPLAT Energy is indeed delighted to have Dr. Emma Fitzgerald on board as she brings vast knowledge in important areas such as the energy sector, renewables and sustainability. SEPLAT Energy has a great future ahead and looks forward to the enormous contribution she will make towards its continuing global success.”

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