NCAN Mentions Amount Nigeria Can Earns Yearly From Cashew Industry
- NCAN has said Nigeria could generate $10 billion annually from the cashew industry with effective policies and investment
- Weak processing capacity and poor data management hinder Nigeria's potential as a global cashew leader
- Nigeria Cashew Day aims to unite stakeholders for a national policy that supports local processing and ownership
Nigeria could generate as much as $10 billion annually from the cashew industry if the right policies, investments and value-addition strategies are put in place, the National Cashew Association of Nigeria (NCAN) has said.
Nigeria’s cashew potential remains largely untapped
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The National President of NCAN, Dr Ojo Joseph Ajanaku, disclosed this during a press briefing in Abuja ahead of the forthcoming Nigeria Cashew Day, noting that the country has all it takes to become a global leader in cashew production and processing.
According to him, Nigeria’s vast landmass, growing population and access to international markets give it a natural advantage, but weak policy frameworks, poor data management and limited processing capacity continue to slow progress.
“Nigeria has the land, the people and the market access to dominate the global cashew industry. What we lack is the right policy environment and sufficient local processing,” Ajanaku said.
Nigeria Cashew Day targets policy and investor engagement
Ajanaku explained that Nigeria Cashew Day, first held in Benin in 2023, was created to bring together stakeholders across the value chain, from farmers and processors to exporters and policymakers, to spotlight the sector’s economic potential, Nation reported.
After hosting the event in Enugu in 2024 and Lagos in 2025, he said the 2026 edition will take place in Abuja to allow direct engagement with the Federal Government.
“Our aim is to have a national cashew policy that is owned by Nigerians, not imposed by external interests. We want a policy that protects the industry, promotes organic cashew and allows Nigerians to fully own what they produce,” he said.
Processing gaps cost Nigeria jobs and revenue
The NCAN president stressed that exporting raw cashew nuts deprives the country of jobs, revenue and foreign exchange, urging Nigeria to prioritise local processing.
He cited Kogi state, one of Nigeria’s leading cashew producers, as an example of the sector’s challenges.
“Kogi is one of the leading cashew-producing states in Nigeria, yet it has no single cashew factory. If factories are located in producing areas, our children will be employed and rural economies will grow,” Ajanaku said.
He called on state governments to introduce incentives that would attract investors, while encouraging local entrepreneurs to invest in processing facilities within their states.
Poor data and illegal exports remain major concerns
Ajanaku also raised concerns over the lack of reliable production data, noting that Nigeria currently relies largely on export figures to estimate cashew output, Nigerian Tribune reported.
“We don’t have the correct statistical structure to determine how many cashews we produce. Worse still, a large volume leaves the country without records, as exporters bypass official procedures,” he said.
According to NCAN, officially documented exports from the last season exceeded 400,000 metric tonnes, valued at about $700 million, although actual figures are believed to be much higher.
Cashew by-products could boost earnings
The NCAN president said Nigeria could increase production to over 2 million metric tonnes annually within five years, with the potential to exceed 4 million tonnes in the long term.
“At a conservative price of $1,500 per tonne, producing 2 million tonnes would generate $3 billion, excluding by-products,” he explained.
He added that cashew by-products such as Cashew Nut Shell Liquid (CNSL) and residue cake, often wasted locally, sell for about 95 cents per kilogram on the international market.
“If we process what we produce locally and fully exploit the value chain, Nigeria can earn a minimum of $10 billion annually from the cashew industry,” Ajanaku said.
He expressed optimism that the upcoming Nigeria Cashew Day would help position the country as a serious destination for global investment in the cashew sector, provided the right policy choices are made.
Source: Legit.ng
