- Nigeria, Vietnam Partner to Boost Cashew Production and Trade
- Dr. Ajanaku urged the Raw Materials Research and Development Council to focus more on promoting local machinery
- Processed cashew sells for between 5,500 and 6,500 dollars per tonne in the global market
Nigeria and Vietnam have entered into a strategic partnership to boost cashew production, processing, and trade in a bid to curb losses estimated at N4.5 trillion (about 3 billion dollars) caused by the export of unprocessed nuts.
Eko Hot Blog reports that findings show that while Nigeria has the capacity to produce 500,000 metric tonnes of cashew annually, it currently earns only about 450 million dollars, representing 15 percent of what it could make from processed nuts.
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Processed cashew sells for between 5,500 and 6,500 dollars per tonne in the global market, while raw nuts are sold locally for between N850,000 and N1 million.
Nigeria’s low earnings have been linked to a lack of modern processing equipment and technology, unlike Vietnam, which generates between 3.3 billion and 4.36 billion dollars annually from similar output levels.
To bridge this gap, the National Cashew Association of Nigeria (NCAN) has signed a Memorandum of Understanding (MoU) with the Vietnam Cashew Association (VINACAS) during the 14th VINACAS Golden Cashew Rendezvous 2025 held in Hanoi, Vietnam.
The three-day event, which took place from October 26 to 28, marked VINACAS’ 35th anniversary and brought together key players in the global cashew value chain.
According to a joint communiqué, the agreement seeks to promote bilateral trade, technology transfer, and industrial collaboration to strengthen both countries’ positions in the global cashew market.
The MoU was signed by the President of VINACAS, Mr. Pham Van Cong, and the President of NCAN, Dr. Ojo Joseph Ajanaku, representing Vietnam and Nigeria respectively.
VINACAS President Pham said the partnership would focus on promoting trade in raw and processed cashew, exchanging processing technologies, encouraging joint investments, and developing sustainable farming practices.
He added that the association, which has more than 500 member companies, would share its industrial experience and technological expertise with Nigeria to build local capacity and improve product quality.
On his part, Dr. Ajanaku described the partnership as a milestone for Nigeria’s agricultural and non-oil export economy. He revealed that Nigeria exported cashew worth 420 million dollars to Vietnam in 2025, adding that the collaboration would improve production efficiency and expand market access for Nigerian products.
He said: “The partnership will boost value addition through modern processing technologies and product diversification, including cashew-based beverages and by-products. Kogi cashew was specially recognised at the Hanoi conference as the most nutritious globally, a recognition we aim to leverage through innovation and research.”
He noted that machinery and expertise from Vietnam would help Nigeria expand its processing capacity, create jobs in rural communities, and advance economic diversification.
Dr. Ajanaku also recalled that the Nigerian cashew industry currently employs more than five million citizens. Despite having about 92 million hectares of arable land, he said Nigeria still lags behind smaller countries like Ivory Coast, which produces more cashew with only 32 million hectares of land.
He urged the Raw Materials Research and Development Council to focus more on promoting local machinery for cashew processing, citing India’s success story as an example.
“When India began cashew processing, they started with locally built machines. That is where we should begin in Nigeria. We must focus on innovation and not chase policies that stifle raw material export without supporting local value addition,” Ajanaku said.
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