- Africa is the largest producer of cashew
- The industry aims to produce over two million metric tonnes of cashew per year
- Worldwide economic value of cashews currently stands at $7.8 billion
The National President of the National Cashew Association of Nigeria (NCAN), Ojo Ajanaku stated that the industry has the potential to inject a staggering $3.7 billion into the Nigerian economy, if given adequate attention from the government.
Eko Hot Blog gathered that Ajanaku made this known during a media conference in Abuja on Monday, that the industry aims to produce over two million metric tonnes of cashew per year, which would not only generate significant revenue but also create additional employment opportunities for Nigerians.
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“Cashew presently employs over five million people in Nigeria but can create more jobs if supported to increase its volume of production,” he said.
“For instance, if Nigeria is able to produce two million tonnes of cashew, if we sell only the raw cashew nut without adding value to it, we are looking at $2.4 billion,” Mr Ajanaku stated.
Citing global economic trends, NCAN President Ojo Ajanaku mentioned that the worldwide economic value of cashews currently stands at $7.8 billion, with projections indicating a rise to $11 billion by next year.
Highlighting Africa’s prominence as the largest producer of cashews, Ajanaku expressed optimism about Nigeria’s potential to become the continent’s leading producer, provided the sector receives adequate investment.
“Essentially, we were once the highest producer of cashew in Africa before we dropped to the fourth position where we are today,” Mr Ajanaku explained.
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He added, “Now if you look at the price that is already in the market, it’s about $1,700 per tonne. What this means is that we are looking at about $3.7 billion that will be netted into the Nigerian economy.
