Nigeria could earn as much as $10 billion every year from the cashew value chain if production, processing, and export systems are properly structured, the National Cashew Association of Nigeria has said.
Speaking in Abuja ahead of the 2026 Nigeria Cashew Day scheduled for January 22 and 23, NCAN President Dr Joseph Ojo Ajanaku said the country has the capacity to scale cashew output to at least two million metric tonnes within five years, despite the absence of a comprehensive national production database.
The News Chronicle confirmed that selling two million metric tonnes of raw cashew at an estimated global price of $1,500 per tonne could generate about $3 billion annually, while full local processing and development of by products could push earnings beyond $10 billion.
Ajanaku noted that Nigeria’s official data only captures export volumes, leaving significant production undocumented and depriving the country of critical foreign exchange. He revealed that more than 400,000 metric tonnes valued at roughly $700 million were officially exported last season, although actual production was far higher.
He explained that Nigeria Cashew Day is designed to convene producers, processors, marketers, investors, and policymakers to address gaps in the value chain, attract investment, and advance a national cashew policy that supports local interests.
The NCAN president also highlighted the commercial value of cashew by products such as cashew nut shell liquid, pointing to countries like Vietnam where processing waste is profitably utilised. He added that Nigeria has signed a memorandum of understanding with Vietnamese partners to deepen technology transfer and strengthen bilateral trade.
