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Cashew industry capable of injecting $3.7 bn to Nigerian economy – Association

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The National Cashew Association of Nigeria (NCAN) has said it can inject $3.7 billion into the Nigerian economy if the industry receives adequate attention, especially from the government.

The National President, National Cashew Association of Nigeria (NCAN), Dr Ojo Ajanaku, said this during a media conference on Monday in Abuja.

The media conference was in commemoration of the 2025 Nigeria Cashew Day to hold on Friday.

Ajanaku said that the industry was in the process of producing more than two million metric tonnes of cashew per year if given the opportunity.

“Cashew presently employs over 5 million people in Nigeria, but can create more jobs if supported to increase its volume of production,” he said.

According to him, the upcoming Nigeria Cashew Day is an annual event that revolves around producing states in the country.

He explained that the event was a meeting point where stakeholders came together to celebrate the uniqueness of the fruit with great potential.

“So, we are looking at this conference to help the industry build better capacity, re-strategise and intentionally capitalise on our unique potential.

“For instance, if Nigeria is able to produce two million tonnes of cashew, if we sell only the raw cashew nut without adding value to it, we are looking at $2.4 billion,” Ajanaku noted.

He stressed that the economic value of cashew across the nations of the world today was valued at $7.8 billion, adding that it was projected that by next year, it would be about $11 billion.

The NCAN president noted that Africa was the largest producer of cashew and Nigeria had the potential to be the highest producer in Africa with adequate investment in the sector.

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“Essentially, we were once the highest producer of cashew in Africa before we dropped to the fourth position where we are today.

“Now, if you look at the price that is already in the market, it’s about $1,700 per tonne. What this means is that we are looking at about $3.7 billion that will be netted into the Nigerian economy.

“So, there is a lot of potential in cashew, both benefits along the value chain of the nuts and juice utilisation, therefore, I strongly believe that this conference will be able to highlight and let people know the value of cashew to the country.

“The government and the country are doing so much already and we want to encourage the export of raw cashew nuts in Nigeria,” he added.

Ajanaku noted that the association’s major target was to add value to what was being producing in the country internally, so that it would not be exporting its raw product out of the country.

“For you to farm a hectare of land of cashew, you need a minimum of five workers on that farm alone. So, if you have five people to work for you on one hectare of land, you can imagine, we are doing two million tonnes of cashew.

“If a hectare of land of cashew can give you about 700 kg or 650 kg today, if you divide this, you will see that we are creating a lot of jobs for our people.

“Now, if we start adding value to it after production, for instance for a factory that is processing 100 tonnes per day, it cannot have less than 800 workers in the factory.

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“Even if it is a robot factory, it cannot have less than 800 staff and that is for direct jobs.

“When you look at indirect jobs, people that will be transported to that place, the transporters to that place, the food vendors in that area, the recharge card vendors, we will have created a lot of business in that area.

“We are asking the federal government to please make cashew a priority, as there are a lot of potential in cashew.

“If we look at Vietnam that is not producing more cashews than we are producing and does not have the potential that we have in cashew, getting over four billion dollars, we can do better than them.

“We can do better, so we are urging the government to beam its searchlight on this cashew industry and see what the business in Nigeria can do to boost the economy and also create jobs,” Ajanaku added. (NAN)

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UBA dividend payment lifts market with N369bn gain

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The stock market opened the week on a positive note, with investors gaining N369 billion and performance indices rising by 0.56 per cent on Monday.

Specifically, the Nigerian Exchange Ltd. (NGX) market capitalisation increased by 0.56 per cent to N66.188 trillion from an opening of N65.819 trillion recorded on Friday.

The All-Share Index also rose by 0.56 per cent, or 588.43 points, to close at 105,551.39, up from 104,962.96 posted on Friday.

The surge in market capitalisation was due to the United Bank for Africa’s announcement of three Naira as dividend payment to shareholders, thereby boosting investor confidence in the banking sector of the market.

The market breadth closed positive, with 25 gainers and 22 losers.

On the gainers’ chart, Royal Exchange soared by 10 per cent to close at 88k, while Livestock Feeds gained by 9.87 per cent to close at N9.24 per share.

Abbey Mortgage Bank increased by 9.72 per cent, to close at N3.95, and Universal Insurance soared by 9.62 per cent to close at 57k per share.

Similarly, Sunu Assurance gained by 9.22 per cent to close at N5.45 per share.

On the losers’ chart, Nem Insurance lost by 9.63 per cent to close at N12.20, while United Capital declined by 9.29 per cent to close at N16.60 per share.

Computer Warehouse Group fell by 6.67 per cent to close at N8.40, and DAAR Communications lost by 6.06 per cent to close at 62k per share.

Also, Africa Prudential fell by 5.56 per cent to close at N15.30 per share.

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A total of 440.52 million shares, worth N10.470 billion, were exchanged across 13,314 transactions.

This is compared with 397.208 million shares, valued at N14.170 billion, exchanged across 10,099 transactions last Friday.

Transactions in Zenith Bank shares topped the activity chart with 55.062 million shares valued at N2.605 billion.

First City Monument Bank followed with 49.59 million shares worth N449.09 million, while United Bank for Africa sold 47.39 million shares valued at N1.835 billion.

Access Corporation traded 37.24 million shares worth N834.092 million, and Fidelity Bank transacted 31.298 million shares valued at N563.89 million.

Mr David Adonri, Vice President of Highcap Securities Ltd., said the surge in market capitalisation signified the return of investor confidence to the banking sector.

Adonri said, “Banks had earlier announced a delay in the submission of their financial year results.

“However, United Bank for Africa released its corporate disclosure, saying it is paying three Naira as final dividend, so that restored investor confidence in that sector.

“The sector is the arrowhead that drives the market. That was the development that propelled the market massively today.” (NAN)

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Explosion hits gas facility in Rivers

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An explosion has been reported at Soku gas pipeline along the Soku-Elok (Abua)-Rumuji-Bonny export terminal in Rivers state.

Confirming the development, Christian Otiasah, an environmental manager in Soku community, said the facility is “operated by Renaissance Group”, noting that the explosion triggered a fire that began late Saturday night.

Although the cause of the explosion remains unknown at the time of reporting, Otiasah said the incident occurred between 10 pm and 11 pm on March 22.

“There was an explosion and there was an attendant fire. The fire has been put off. It was put off because the Soku gas plant is automated such that depending on the impact, it can shut down itself,” he said.

“In other words, it can also isolate affected lines and starve off that line. If you starve the source of oxygen, the fire will naturally go off.

“The explosion actually occurred along the delivery gas line, not in the gas plant.”

The spokesperson of Renaissance did not respond when TheCable contacted him for comments.

The incident comes almost a week after an explosion ruptured a segment of the Trans-Niger Pipeline (TNP) in Bodo community, Gokana local government area (LGA) of the state.

The TNP, a critical federal oil transport line, feeds crude to the Bonny export terminal in Rivers.

Now under the control of Renaissance, the TNP was formerly operated by the Shell Petroleum Development Company of Nigeria Limited (SPDC).

The explosion had led to a temporary shutdown and raised concerns about potential environmental damage and oil supply disruption from the facility.

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On March 19, Tony Okonedo, Renaissance Group’s spokesperson, told TheCable that operations have resumed at the facility following a “third-party intervention”.

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NGO criticises MultiChoice’s price hike in Nigeria, discounts in South Africa

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A group, known as Save the Consumers, has criticised MultiChoice Nigeria over the recent price hike on DStv and GOtv services, describing it as discriminatory and exploitative.

On February 24, MultiChoice announced an increase in the price of subscriptions for its DStv and GOtv packages.

The development, which came nearly one year after the firm increased its subscription rates, took effect on March 1.

On February 27, the Federal Competition and Consumer Protection Commission (FCCPC) directed MultiChoice to maintain its current subscription prices until an ongoing investigation into the price hike was concluded — but the firm ignored the directive.

In a statement on Sunday, the group’s executive director, Aliyu Ilias, criticised the 21 percent increase in subscription fees.

The group highlighted the contradiction in MultiChoice’s pricing policies, pointing out that while Nigerian consumers are being charged more, South African subscribers are enjoying price reductions of up to 38 percent along with additional channels and improved services.

The NGO also accused MultiChoice of defying the FCCPC’s directive to suspend all price adjustments pending an ongoing investigation.

“This action is not only insensitive and exploitative, but also blatantly discriminatory,“ Ilias said.

“Even more troubling is the company’s simultaneous enhancement of service offerings and reduction of prices for South African customers.

“In South Africa, MultiChoice has lowered fees on various products, added new channels, and introduced features that improve the user experience, all while acknowledging the financial pressures faced by South African households.

“This double standard, lowering prices at home while increasing them in Nigeria, amounts to economic discrimination and reinforces long-standing concerns about MultiChoice’s exploitative approach toward the Nigerian market.

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“It is indefensible for MultiChoice to cite inflation in Nigeria as justification for the hike while offering consumer-friendly pricing in South Africa.

“This reflects a disturbing double standard, with Nigerian consumers continuing to suffer under a near-monopolistic market structure that MultiChoice exploits with impunity.

“While MultiChoice claims the price hike is necessary to deliver “world-class content,” Nigerian subscribers still face persistent challenges that remain unaddressed despite repeated complaints.

“These include repetitive content, frequent service disruptions, and poor value for money.

“Rather than resolving these issues, MultiChoice has chosen to penalise its loyal Nigerian customers with higher prices, once again proving that profit, not service or fairness, is its primary motivation.

“Meanwhile, South African subscribers benefit from reduced pricing, such as the “Add Movies” bolt-on slashed by 38% to R49, alongside additional channels and enhanced streaming features.

Ilias also said the justification by Byron Du Plessis, MultiChoice chief executive officer (CEO), that the changes are due to “financial pressures faced by households further demonstrates the company’s hypocritical and disingenuous treatment of Nigerian consumers, who are themselves grappling with a severe cost-of-living crisis”.

“This double standard—lowering prices at home while increasing them in Nigeria—amounts to economic discrimination,” he added.’

The organisation also called on the National Broadcasting Commission (NBC) to foster competition in the pay-TV sector and end MultiChoice’s “monopoly”.

In addition, the group urged the FCCPC to take legal action against the company for ignoring regulatory directives.

Save the Consumers further demanded the immediate reversal of the latest price hike, compensation for affected customers, and a transparent review of MultiChoice’s pricing model and service quality.

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“We urge the FCCPC to initiate legal proceedings against MultiChoice for its defiance of regulatory orders and its disregard for consumer welfare,” the group said.

“A transparent investigation into its pricing model, service quality, and compliance with Nigerian competition and consumer protection laws is essential.

“We call on Nigerian consumers to explore alternative platforms and consider boycotting DStv and GOtv until MultiChoice demonstrates genuine respect for their rights.”

Save the Consumers also said MultiChoice’s discriminatory pricing, rewarding South African subscribers with lower costs and better services while exploiting Nigerians, “is a glaring example of unchecked corporate greed”.

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