Share
Gbeminiyi Ogunleye
1 month ago
Overview
Cashew farmers decry drop in production, seeks revival
The president of the National Cashew Association of Nigeria, Ojo Ajanaku, has expressed concern over the significant decline in Nigeria’s cashew production, describing it as a missed economic opportunity for the nation.
Speaking at a press briefing in Abuja on Monday ahead of the 2025 Cashew Day, Ajanaku revealed that Nigeria, once Africa’s leading cashew producer, has drastically dropped in the global rankings.
He called for urgent measures to revive the sector and harness its vast economic potential.
Ajanaku said, “Cashew has great potential. The economic value of cashews globally is currently valued at $7.8 billion, and it is projected to grow to approximately $11 billion next year. Africa is the largest producer of cashews, and Nigeria has the capacity to be the highest producer.”
“Nigeria was once the leading producer of cashews, but we have significantly dropped in ranking. This conference provides an opportunity to explore ways to restore our production capacity and achieve the economic benefits we should be reaping.”
He further stated that if Nigeria could produce 2 million tonnes of cashew annually, even without adding value to the raw material, the country could generate approximately $2.4 billion.
Ajanaku added, “With current market prices of $1,700 per tonne, this could translate to as much as $3.7 billion in revenue.”
