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    Wednesday, January 25, 2023

    Nigeria to Net $500m Revenue from Cashew Export

    The exportation of cashew nuts is expected to fetch Nigerian farmers about $500 million in 2023, unlike the $250 million generated in 2022.

    Dr Mohammed Abubakar, Minister of Agriculture and Rural Development, who was represented by Dr. Ernest Umakhihe, Permanent Secretary of the Ministry, said this during the Nigerian Cashew Day and cashew season commencement on Tuesday in Abuja.

    He said: “In Nigeria, cashew has been increasing in its importance as an export-oriented cash crop since the 1990s, it has become an important source of non-oil export earnings.”

    ”It is estimated to represent over 10% of GDP based on export data of 2022 and it is becoming a commercial crop in Nigeria and is cultivated in 27 states, including the FCT.

    “In recognition of the importance of cashew, the Federal Government, through the Federal Ministry of Agriculture and Rural Development, listed cashew as a priority crop.

    ”It is being promoted under the Import Substitution Strategy of the present administration led by President Muhammadu Buhari.”

    Abubakar said that the cashew value chain was among the crops being promoted under the Value Chain Programme of the ministry.

    “The Ministry had carried out a number of activities over the years to promote the growth of the value chain in the Country including the distribution of improved seeds/seedlings to cashew farmers free of charge.

    “Establishment of cashew cottage industries in some states, distribution of agrochemicals/growth enhancers, carbon-free jute bags and knapsack sprayers.

    ”Others were the provision of water pumps to cashew farmers, conducting capacity building/training for cashew farmers and having sensitisation exercises,” the minister added

    Mr Ojo Ajanaku, President of the National Cashew Association of Nigeria (NCAN), stated that Nigeria has been steadily becoming an export hub, accounting for at least 11 percent of the country’s foreign exchange trading over the last three years.

    He said: “This implies that the sector has the potential to drive national revenue generation, increase job creation and diversify the economy.”

    Ajanaku said that more than 3 million people in Nigeria, especially women have become cashew producers and were driving the sector among their male counterparts.

    “NCAN”s long-term goal is to transform Nigeria from a low-priced commodity producer to a reliable supplier and exporter of high-quality cashew products, adopt indigenous innovations and policies that will drive the sector.” he added. NAN

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