Nigeria’s cashew industry is quietly becoming one of the country’s most bankable non oil export stories.

Annual cashew exports have climbed to about 600,000 metric tonnes, positioning the crop as a major source of foreign exchange, rural jobs and agro industrial investment, according to the National Cashew Association of Nigeria, (NCAN)

The surge reflects years of expanded planting, improved export access and rising global demand for African cashew. Industry leaders say the next growth phase depends on government backed financing, tighter trade controls and aggressive investment in local processing.

Joseph Ajanaku, National President, (NCAN), disclosed the figures on the sidelines of Nigeria Cashew Day 2026 held in Abuja recently.

He said Nigeria has the land, climate and labour to reclaim a top global ranking in cashew production if scale up efforts are sustained.

The Association is driving nationwide tree planting and farmer aggregation to lift output beyond current levels. The focus now is not just volume, but value.

Industry data shows Nigeria still exports most of its cashew raw, leaving processing margins and jobs offshore. NCAN is therefore pressing for policies that incentivise local processing, modern logistics and export traceability to unlock higher earnings per tonne.

Ajanaku said weak export documentation and illegal trading by foreign buyers remain a major drag on revenue transparency.

Some exports bypass the Nigeria Export Proceeds system, making it difficult to track volumes and repatriated earnings.

To close this gap, NCAN has launched a national farmers mapper to digitally register cashew farms, production volumes and export flows.

The system is designed to give policymakers and investors clearer data on supply, demand and earnings potential across the value chain.

The Association is also asking the Federal Government to introduce a Special Agro Processing Loan at about 10% interest as industry leaders say affordable credit would allow farmers and processors to compete globally and expand capacity.

The regional picture reinforces Nigeria’s opportunity.

Ibrahim Sanfo, President, African Cashew Alliance , warned that Africa still processes less than 10% of its cashew, exporting up to 90% in raw form.

He said stronger government policy is needed to shift the continent from commodity exports to agro industrial production, technology adoption and local consumption.

Similarly, Sherif Balogun, National President, Federation of Agricultural  Commodities Association of Nigeria.(FACAN), said closer alignment between farmers, processors, exporters and regulators would reduce bottlenecks and stabilise pricing across the market.

Balogun linked cashew’s rise to Nigeria’s broader non oil export rebound, which climbed from about 5.7 billion dollars to over 6.1 billion dollars this year. He said cashew alone has delivered hundreds of millions of dollars in export earnings, making it one of the strongest agricultural contributors to foreign exchange inflows.

Despite rising output, Nigeria currently processes only about 20 to 30 per cent of its cashew locally. Industry projections suggest that with targeted investment, improved planning and supportive policies, cashew export earnings could multiply significantly within five years.

Link:https://businessday.ng/news/article/nigerias-cashew-boom-hits-as-industr...