The National Cashew Association of Nigeria, NCAN, says the value chain generated about fourteen billion naira as revenue for exporting the produce in the last two years.
National President of the Association, Mr. Ojo Ajanaku , stated this at a stakeholders forum in Abuja, ahead of the sixteenth Africa Cashew Alliance, ACA, conference in Nigeria.
Mr Ajanaku said the successes recorded in the sector were due to the support from the federal government through the provision of seedlings for farmers and funding
He noted that with more funding the industry could boost its cashew production from the current 350,000 metric tons to over 400,000 metric tons annually.
“in the last two years Nigeria had been doing more of exporting of cashew product, although it’s a bit difficult because, we don’t have processing plant, so far we have gotten an estimate of fourteen billion naira from cashew in the last two years and hopes to get more if production is done locally”, he said
Mr. Ajanaku, said the conference seeks to bring key players in the value chain together to discuss the way forward, especially how to attract local and international investors.
Mr Ajanaku, therefore, advised the federal government to take advantage of the Conference being hosted in Nigeria to woo foreign investors to establish cashew plantations in the country, noting that it is a huge opportunity for job creation for Nigerians.
A report by the Observatory of Economic Complexity, OEC, shows that Cote d’Ivoire and Ghana ranked as one of the world’s top exporters of fresh or dried cashew nuts in 2019, with a value of $804 mn and $351 mn respectively.
In comparison, Nigeria’s cashew exports stood at $246 mn and $215 mn in 2019 and 2020, according to data from the African Cashew Alliance.
Investments would create jobs
On his part, the Managing Director of Africa Cashew Alliance, Mr. Earnest Mintah, said Africa produces about 50% of world production of cashew and Nigeria produces only 10%.
Mr. Mintah added that with 1000 metric tons of cashew processed in Nigeria, 250 to 400 jobs would be provided based on the type of technology used.
RN
