Nigeria earns N14bn from cashew export, targets 1mMT

The National Cashew Association of Nigeria reported on Sunday that Nigeria made nearly N14 billion from cashew exports in the previous year and that the country is currently working to double yearly production to one million metric tonnes.

The President of NCAN, Ojo Ajanaku, stated to journalists that the nation’s cashew production would increase to 400,000MT during the harvesting season. The African Cashew Alliance meeting is scheduled to take place in Abuja this month.Information Guide Nigeria

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He said, “We produce between 350,000 to 360,000MT of cashew annually. With the cooperation of the ministries, departments and agencies of government in the past two years, we believe that we will meet between 400,000 to 420,000MT in the coming harvest.

“However, our target is to grow it to a million metric tonnes in four to five years and we are on the right path to achieving this as a nation.”

On the export of the commodity, Ajanaku said the country was exporting more raw cashew than the processed one, adding that the product was attracting revenue to Nigerian farmers.

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He said, “Nigeria is currently doing more of the export of the raw cashew nuts, because we don’t process more of it. Generally, it is a problem in Africa, not only in Nigeria. However, it has been giving us a lot of income when you talk about foreign earnings.

“It is second to sesame seed in terms of foreign exchange generation from agro-exports. I may not be able to give you the accurate figure in terms of foreign exchange, but in naira what we got from the export of cashew in the last one year was about N14bn.”