In the heart of Lagos, stakeholders in Nigeria’s burgeoning cashew industry converged for the third edition of National Cashew Day, held under the theme “Catalysing Sustainability in the Nigeria Cashew Industry.” The event, a clarion call for collaboration and investment, brought together government officials, industry leaders, and members of the National Cashew Association of Nigeria (NCAN) to chart a brighter future for one of Nigeria’s most promising agricultural exports.
Speaking at the event, Ojo Ajanaku, the president of NCAN, highlighted the urgent need for financial assistance from the federal and state governments. “We are gathered here to sensitize our people about the immense potential of the cashew industry and its capacity to transform the socio-economic landscape of Nigeria,” he said.
Mr. Ajanaku expressed gratitude for the government’s ongoing efforts to support the sector but emphasized the need for enhanced funding and policy support. According to him, such interventions are vital to unlocking the full potential of the cashew industry. “If we all work together in collaboration, we can achieve something remarkable, especially in these challenging economic times,” he noted.
Reclaiming Nigeria’s Position in the Global Cashew Market
At its peak, between 2010 and 2012, Nigeria was the leading producer of cashew in Africa and, by extension, the world. However, the country has since slipped to fourth place, with an annual production capacity of 350,000 tonnes. For Mr. Ajanaku, this decline is a call to action.
“With the right support, Nigeria can reclaim its position as a global leader in cashew production,” he asserted. He explained that NCAN was founded to unite stakeholders and advocate for policies that would drive growth in the sector.
Mr. Ajanaku also underscored the economic benefits of expanding the cashew industry, from job creation and foreign exchange earnings to wealth generation for local farmers and processors.
A Major Contributor to Nigeria’s Economy
Representing the Federal Ministry of Industry, Trade, and Investment, Jumoke Oduwole reaffirmed the government’s commitment to the cashew industry. “The Nigeria cashew sub-sector has remained a significant contributor to the country’s GDP, ranking third behind cocoa and sesame in export value,” she said.
Ms. Oduwole described the cashew industry as a vital driver of economic diversification, wealth creation, and job opportunities. “The industry has sustainably created hundreds of thousands of jobs across its value chain, benefiting women, youths, and other actors,” she added.
She further highlighted the untapped potential of cashew production in Nigeria, noting that the commodity is cultivated in commercial quantities across 18 states.
Addressing Challenges in the Cashew Sector
Despite its achievements, the Nigerian cashew industry faces significant hurdles, including high processing costs, limited credit access for processors, and inadequate infrastructure. Ms. Oduwole acknowledged these challenges but urged stakeholders to remain committed to finding solutions.
“The Federal Ministry of Industry, Trade, and Investment is working closely with NCAN and other relevant agencies to create a robust cashew sector,” she said. The ministry’s initiatives include fostering market linkages, providing technical support, and promoting value addition to ensure that Nigerian cashew products are globally competitive.
A Vision for the Future
Looking ahead, both NCAN and the government are united in their vision for a sustainable and thriving cashew industry. Mr. Ajanaku called for more inclusive policies and financial interventions, while Ms. Oduwole emphasized the need to create a conducive environment for investment and innovation.
As the event concluded, it was clear that the stakes are high for Nigeria’s cashew industry. However, with collaboration and commitment, the sector holds the promise of transforming not just Nigeria’s economy but the lives of countless individuals along its value chain.
For now, the focus remains on catalyzing sustainability—turning the potential of Nigeria’s cashew industry into a tangible reality.
