Nigerian cashew could potentially generate $5bn annually in 10 years

Already a major producer of cashew nuts, Nigeria has barely scratched the surface of its potential and has the capacity to generate about $5 billion annually in the next 10 years, according to cashew exports expert/Managing Director of Universal Quest Limited, Sotonye Anga.

Due to a lack of value addition and Nigeria’s inability to process cashew nuts in significant quantities for export, the country lost $1.4 billion in 2016. The amount, which could have gone into government coffers and turned the life of farmers around, was wasted.

According to data from the National Cashew Association of Nigeria (NCAN), Nigeria exported a total of 160,000 metric tonnes of cashew valued at $300 million in 2016. This was far behind what farmers and exporters could have earned, assuming there were processing factories that could process cashew nuts to export standards.

Recently, Minister of Agriculture and Rural Development, Audu Ogbeh, said Nigeria would start exporting processed cashew nuts by 2019, adding that currently a tonne of processed cashew nuts, when exported, is sold for $10,000 while the raw cashew nuts are sold at $1,200.

He explained: “It would be beneficial to process the nuts and export rather than exporting the nuts raw. So in the next two years, we will no longer export raw cashew nuts, but roast the cashew nuts for export.”

source: nigeriatoday.ng