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Nigeria earns $250m from cashew export in 2022 –FG

The Federal Government through the Minister of Agriculture and Rural Development, Dr. Mohammad Mahood Abubarkar, yesterday in Benin City, Edo State, said Nigeria has earned $250 million from the export in cashew nuts in 2022. He, however, lamented that out of the 250,000 metric tonnes of cashew nuts produced in the country annually, only about 10 per cent is processed locally. Abubakar, represented by Dr Ernest Afolabi Umakhihe, permanent secretary in the ministry, made the statement at the lunch of Nigeria Cashew Day and Cashew Season flag-off ceremony with the theme: “Industrialising the Nigeria Cashew Sector through Inclusive Policies.”

He said: “At the end of 2022, cashew nuts exported from Nigeria generated over $250 million (accounting for about 10 per cent of the country’s agricultural export) and cashew ex-port is expected to fetch Nigerian farmers about $500 million by 2023. “I therefore, implore you to continue working together in harmony as this is the only way you can make a positive impact towards sustainable development of the cashew industry and ensure its contribution in achieving the overall goal of this administration’s economic diversification agenda. “In Nigeria, cashew has been increasing in its importance as an exportoriented cash crop since the 1990s.

It has become an important source of non-oil export earnings (estimated to represent over 10 per cent GDP based on export data of 2022). It has become a commercial crop in Nigeria and is cultivated in 27 states, including the Federal Capital Territory (FCT).

 

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