Nigeria can earn over $2.7 billion annually from cashew production

The President, National Cashew Association of Nigeria (NCAN), Mr. Joseph Ajanaku, has stated that Nigeria could earn over $2.7 billion on annual basis by increasing its production capacity to about 1 million metric tonnes per year. Ajanuka who stated this during a telephone interview with THISDAY said Nigeria's current production, which stands at about 350,000 metric tonnes is a far cry from what the country is capable of producing. He maintained that cashew could be grown in over 80 out of 109 senatorial districts in the country. In his words: "What was exported as raw cashew nut, we discovered that we are producing close to 350,000 metric tonnes of cashew and if we are able to increase production to 1 million metric tonnes of cashew and export them raw, we will be earning over $2.7 billion." He, however, stated that the association is pushing for a national policy that would attract and encourage both local and foreign investors into the cashew industry. "We are trying to bring ...