The National Cashew Association of Nigeria (NCAN) has stated that the cashew industry has the potential to contribute $3.7 billion into the Nigerian economy, provided it receives adequate attention, particularly from the government.
Dr. Ojo Ajanaku, NCAN’s National President, made this statement during a media conference on Monday in Abuja, which was held in commemoration of the upcoming 2025 Nigeria Cashew Day, scheduled for Friday.
Ajanaku stated that, given the right support, the industry is on track to produce more than two million metric tonnes of cashews per year.
He added, “Cashew currently employs over 5 million people in Nigeria, and with increased production, it has the potential to create even more jobs.”
Nigeria’s potential as a leading global producer
He explained that the upcoming Nigeria Cashew Day is an annual event focused on the country’s cashew-producing states, serving as a platform for stakeholders to come together and celebrate the fruit’s unique potential.
Ajanaku added, “We are looking at this conference as an opportunity to help the industry build better capacity, re-strategize, and intentionally capitalize on our unique potential.”
He further noted, “For example, if Nigeria is able to produce two million tonnes of cashew and sell only the raw cashew nuts without adding value, we are looking at $2.4 billion.”
Global economic outlook and Africa’s cashew dominance
He stressed that the global economic value of cashews is currently estimated at $7.8 billion, with projections indicating it could reach about $11 billion by next year.
- The NCAN president also highlighted Africa’s dominance in cashew production, noting that Nigeria has the potential to become the continent’s leading producer with adequate investment. “We were once the highest producer of cashews in Africa before falling to fourth place,” he said.
Ajanaku pointed out that with the current market price of around $1,700 per tonne, Nigeria could generate approximately $3.7 billion for its economy. “There is significant potential in cashew, both along the value chain of nuts and juice utilization,” he emphasized.
He further added, “The government is already making strides, and we want to encourage the export of raw cashew nuts from Nigeria.”
- Ajanaku emphasized that the association’s main goal is to add value to the cashew produced within Nigeria, rather than exporting raw products.
He explained, “To farm one hectare of cashew, you need a minimum of five workers. If we are producing two million tonnes of cashew, imagine the number of jobs created.”
Significant job creation through value addition
Ajanaku further noted, “A hectare of cashew can yield about 650-700 kg, which means significant job creation. If we start adding value to the product, for example, a factory processing 100 tonnes per day would need at least 800 workers, even if it’s a robot-operated factory.”
He also highlighted the potential for indirect jobs, such as transporters, food vendors, and local businesses in the area, further boosting employment.
Ajanaku urged the federal government to prioritize the cashew industry, pointing out that Vietnam, which does not produce as much cashew as Nigeria, generates over $4 billion from it. “We can do better than them,” he said, calling for the government to focus on the cashew sector to boost the economy and create more jobs.
