Nigeria earns $400m from cashew exports as stakeholders push for better data, $1bn target

Stakeholders in Nigeria’s cashew sector have renewed calls for improved export data collection and tracking systems to fully harness the industry’s economic potential, as the country currently earns about $400 million annually from cashew exports.

The call was made at the 4th National Cashew Day organised by the National Cashew Association of Nigeria (NCAN), where industry players assessed sector performance and outlined strategies ahead of the forthcoming trading season.

Speaking at the event, NCAN National President, Dr. Ojo Joseph Ajanaku, said Nigeria possesses the natural resources needed to reclaim its status as a leading global cashew producer but is constrained by weak production and export data systems.

“Nigeria has the land, the weather and the population advantage to be number one in the world again. What we are doing now is to energise stakeholders to push production capacity higher and grow the industry”, Ajanaku said.

He noted that the cashew industry has experienced significant growth, expanding from minimal export levels in the early 2000s to nearly 600,000 metric tonnes exported annually.

However, Ajanaku said official figures do not capture the sector’s full value, as some exporters operate outside formal channels and fail to properly document exports or repatriate proceeds.

“The $400 million you are seeing is what came back to Nigeria. We would have earned more if we had the right structure to track what is produced and what leaves the country,” he said.

To close the data gap, Ajanaku disclosed that the current administration is rolling out an income farmers’ mapper aimed at mapping cashew farms nationwide, monitoring production volumes and tracking export movements.

According to him, the initiative will provide the Nigeria Bureau of Statistics (NBS) with accurate and verifiable industry data.

Beyond data issues, NCAN expressed concern over Nigeria’s low level of cashew processing, warning that limited value addition is depriving the economy of billions of dollars in revenue and employment opportunities.

Ajanaku called on the Federal Government to support Special Agro-Processing Zones (SAPZs) with dedicated agro-processing loans at single-digit interest rates to help local processors remain competitive.

“We have intervention funds from the Central Bank, NEXIM, Bank of Industry, Bank of Agriculture and others. With loans below 10 per cent, processors can compete and add value locally,” he said, adding that Nigeria’s proximity gives it a logistics advantage in supplying European and United States markets faster than Asian competitors.

Also speaking, President of the Federation of Agricultural Commodity Associations of Nigeria (FACAN), Sheriff Balogun, said the event would help align stakeholders across the cashew value chain and set the pace for a stronger 2026/2027 trading season.

Balogun noted that NBS data shows Nigeria’s non-oil exports increased from about $5 billion to $6.1 billion, with cashew contributing over $400 million from more than 300,000 tonnes exported.

“That is huge for one commodity. With proper planning, we can push cashew export earnings to $1 billion in the coming years”, he said.

He added that Nigeria currently processes only 20–30 per cent of its cashew production locally, stressing that increased value addition could raise earnings more than fivefold while creating substantial employment.

Stakeholders agreed that strengthening export data integrity, expanding local processing capacity and improving access to affordable finance are key to transforming cashew into a billion-dollar agribusiness.

“With coordination across farmers, processors, marketers and exporters, the entire value chain stands to benefit,” Balogun said, expressing optimism for improved outcomes in the new trading season.

Link:https://thenationonlineng.net/nigeria-earns-400m-from-cashew-exports-as-...