Price trend outlook for Nigerian cashew nut, ginger and hibiscus

The new fresh crop for the 2022 season has begun to flood markets in cultivating regions. Exporters have begun procuring and drying nuts. The prices for Nigerian cashew nuts have been relatively stable, unlike other export commodities with volatile prices over the past few months. Buying agents speculate that this may change after the official flag-off for the 2022 cashew season.

Ginger, as forecast at the beginning of harvest season for 2021/22 crop, scarcity of produce due to the reduced cultivation has led to high prices, with dried split form trading at about USD 2250 per MT EXW as of this week.

Regarding Hibiscus, global demand for Nigerian Hibiscus is increasing along with a decline in cultivation and yield per hectare of 2021/22 crop due to less favorable weather conditions and insecurity challenges compared with previous years. This situation has led to the current high prices, which is about USD 2,200 per MT FOB at WK4.