Nigeria and Vietnam have begun formal discussions to deepen trade and investment in the cashew sector, focusing on boosting local processing and transforming its value chain.
This development was revealed by Dr. Ojo Ajanaku, the National President of the National Cashew Association of Nigeria (NCAN), in Abuja on Wednesday.
The announcement followed a closed-door meeting between Ajanaku, Ms. Nguyen Phuong, the Head of Delegation, and other representatives from the Vietnamese Embassy.
“We have been working towards signing some contracts, and we are hopeful they will be successful,” he said.
“With this Joint Trade Committee (JTC) and additional Memoranda of Understanding (MoUs), we believe we can achieve great things for the country and elevate the cashew industry in a way that benefits our stakeholders,” Ajanaku added.
Strengthening bilateral relations
He emphasized that the initiative would further strengthen Nigeria’s bilateral relationship with Vietnam, noting that foreign investment brings increased commitment and facilitates knowledge sharing.
“There is no such thing as technology transfer unless it is bought or stolen. But this time, they are coming to us willingly, which means we will benefit from direct technology transfer,” he explained.
He added that the bulk of cashew processing would now be carried out locally, eliminating the need to export raw cashew nuts for processing abroad.
“I can say our farmers’ prayers have been answered. They will now be in high demand and valued for the quality of their produce.
“No longer will they be forced to give away their cashew at low prices; it will now command the worth it truly deserves,” he stated.
Nigeria’s ideal climate for cashew production
Ajanaku also highlighted the uniqueness of cashew as a commodity, pointing out that not all countries have the favourable conditions required for its production.
“Nigeria is fortunate to have the right climate and weather, which enables us to grow cashew. I say congratulations to our farmers; they should continue to support this initiative and pray for its full realization,” he added.
Vietnam, a key player in the global cashew market, is ranked among the top producers worldwide.
Over the years, Nigeria has been a leading supplier of raw cashew nuts to the Southeast Asian country. Nigeria is a major and growing player in the cashew industry with rising market share in global cashew production, with an annual average production increase of 5%.
Production is projected to go only one way: upwards. By 2030, we will produce 300,000 metric tonnes of cashew.
