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Nigeria’s Cashew Export Earnings Projected to Surge to $600 Million

Nigeria's Cashew Export Earnings Projected to Surge to $600 Million

Nigeria’s cashew industry anticipates a substantial boost in export earnings, aiming to reach $600 million this year, driven by efforts to ramp up domestic production to 400,000 metric tonnes.

Last year, Nigeria exported 315,677 metric tonnes of raw cashew nuts, generating $504 million in revenue, and solidifying its position as Africa’s fourth-largest cashew producer.

The National Cashew Association of Nigeria (NCAN) disclosed plans to invest in intensive processing and value addition to meet stringent international standards. Collaborating with the Federal Government, the association aims to export highly processed cashew products, ensuring better market prices and enhancing competitiveness.

Recognizing the need for quality improvement and product diversification, the industry emphasizes deep processing to maintain its edge.

Despite growth prospects, challenges persist, including limited product diversity, low-value addition, and competitiveness issues. Addressing these hurdles requires concerted efforts from stakeholders across the value chain, bolstered by effective government support.

On the global stage, Nigeria’s cashew export earnings have shown a promising trajectory. According to the International Trade Centre (INTRACEN), the value has steadily increased over the years, reflecting growing demand and market expansion.

To capitalize on emerging export opportunities, Dr. Victor Iyama, President of the Federation of Agricultural Commodities of Nigeria (FACAN), advocates for a strategic shift in cashew businesses’ approach. Emphasizing market research and tailored production strategies, he urges stakeholders to adapt to changing market conditions to maximize their export potential.

Nigeria’s cashew industry stands poised for significant growth, buoyed by increased production, value-addition initiatives, and strategic market positioning.

With concerted efforts from both public and private sectors, the sector aims to not only bolster export earnings but also enhance its global competitiveness in the cashew market.

This Article is Fact-Checked. See Policy.
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