The cashew crop is becoming one of the most important crops in Nigeria, as the country has become one of its largest producers and suppliers. It serves not just as a cash crop or for consumption but also as raw material for producing chemicals paints, varnishes, insecticides and fungicides, amongst others. According to statistics sighted by MSMEsToday, Nigeria’s cashew production grew from 30,000 metric tons in 1990 to 466,000 mt in 2000 and peaking to 800,000 tons in 2009 but since 2018, there has been a decline to 97,863 mt.
This huge decline is attributed to lack of renewal of cashew trees. Cashew trees have a particular lifespan, without a renewal policy, new trees are not planted. In a bid to turn the situation around, Hastom Farms is investing in the country’s cashew value chain. This investment project is tagged the ‘Cashew Revival Plan Ownership’. Hastom Farms has invested in 451 units of land secured at ₦700, 000 per unit in Ogbomosho, with up to 160 trees at the initial stage. With no hidden or additional cost, one can own 6 plots of cashew farm with 100% gotten from harvest sales. In addition, with no setup fee, Hastom Farms will manage the farm for three years before handing over the farm to the owner to self-manage. However, there is the option to employ Hastom to manage the farm and sell the harvest after the initial three years. Earnings on in Hastom investment plan are for up to 40 years.
Hastom has put together a flexible investment plan that allows interested investors to pay an an investment fee of ₦4,999, and pay for the land in up to 8 installments and earnings will be paid at the end of each cycle in one calendar year.
There is also a great need for value improvement, as Nigeria only processes about 5% of the cashew it produces and exports 95% of it raw. This opportunity afford individuals who want to invest but do not know what to invest in, a chance to earn an extra source of income, while contributing to the economy and helping Nigeria reach its goal of self sufficiency in food production.