The National Cashew Association of Nigeria (NCAN) has projected that the country could earn as much as $10 billion every year from the full development of its cashew industry. This significant revenue potential was highlighted by the association's leadership during a major announcement in the nation's capital.
Unlocking a Multi-Billion Dollar Industry
Dr. Joseph Ojo Ajanaku, the President of NCAN, made the revelation at a press briefing in Abuja. The event was held to announce plans for the 2026 Nigeria Cashew Day, scheduled for January 22 and 23 in Abuja. Dr. Ajanaku stressed that while Nigeria currently lacks a reliable system to track cashew production accurately, the capacity exists to ramp up output to at least two million metric tonnes within five years.
He provided a detailed breakdown of the financial opportunity. If Nigeria achieves the two-million-tonne production target and sells the raw nuts at an estimated global price of $1,500 per tonne, earnings from raw exports alone could hit about $3 billion annually. However, the real economic transformation, pushing total revenue past the $10 billion mark, hinges on fully developing local processing capabilities and commercializing valuable by-products.
Addressing Data Gaps and Revenue Leakage
A critical issue facing the sector is the lack of comprehensive data. Dr. Ajanaku pointed out that Nigeria's current cashew statistics only capture official export volumes. He disclosed that large quantities of cashew are shipped out of the country without proper documentation, leading to substantial losses in vital foreign exchange earnings.
To illustrate the scale, he cited figures from the last season. Officially, Nigeria exported over 400,000 metric tonnes of cashew, valued at approximately $700 million. However, the NCAN President emphasized that actual production and unofficial exports are far higher, meaning the country is missing out on a significant portion of its rightful income.
Strategic Focus: Policy, Investment, and Value Addition
The upcoming Nigeria Cashew Day conference is designed as a strategic intervention. The event aims to bring together key players from across the value chain, including producers, processors, marketers, and service providers. Its core objectives are to:
- Highlight the sector's vast and largely untapped potential.
- Attract crucial domestic and foreign investment.
- Enable direct dialogue between stakeholders and policymakers.
The ultimate goal is to foster the development of a national cashew policy that reflects local realities and safeguards the industry from exploitative practices.
Dr. Ajanaku also shed light on the economic value hidden in cashew waste. He noted that cashew nut shell liquid (CNSL), often discarded in Nigeria, is sold internationally for significant profit. Citing Vietnam as a successful model, he explained how cashew processing waste is repurposed for industrial uses.
In a move to adopt such advanced practices, Nigeria has signed a memorandum of understanding (MoU) with Vietnamese partners. This agreement, facilitated by a joint trip involving NCAN and the Nigeria Export-Import Bank (NEXIM), is focused on promoting technology transfer and strengthening bilateral trade in the cashew sector.
