Cashew Exports Generate Millions For Nigeria

According to the National Cashew Association of Nigeria (NCAN), the country’s cashew nut export has significantly helped the economy by generating an estimated US$253 million in foreign exchange for the country last year.

US$253 million is equal to about N50.4 billion.

Tola Faseru, who is the president of the NCAN, said that during the cashew nut season, Nigeria produces around 160 000 metric tonnes of nuts annually.

Cashew nuts are grown all over Nigeria including the Ebonyi, Kogi, Kwara, Enugu, Anambra regions.

Faseru has said that cashew nuts can virtually grow anywhere in the country.

With regards to the production and export of the cashew nuts to other parts of the world, Faseru said that NCAN plans on upping production to around 500 000 metric tonnes per annum by the year 2020.

Nigeria is currently the 6th largest cashew nut producer in the world.

Cashew nut exports are also one of the 13 non-oil Strategic Export Products (NSEPs) which is designed to diversify the Nigerian economy.