Nigeria could earn as much as $10 billion annually from the cashew industry if the right policies, strategic investments, and effective value-addition measures are put in place, the National Cashew Association of Nigeria (NCAN) has said.
The National President of NCAN, Dr Ojo Joseph Ajanaku, disclosed this during a press briefing in Abuja ahead of the forthcoming Nigeria Cashew Day.
According to Ajanaku, Nigeria possesses the landmass, human resources, and market access needed to become a major global player in cashew production and processing. However, he noted that the sector continues to be constrained by weak policy frameworks, poor data management, and inadequate local processing capacity.
He explained that Nigeria Cashew Day, first launched in Benin in 2023, was created to bring together stakeholders across the entire cashew value chain, including farmers, processors, marketers, and service providers, with the aim of showcasing the vast but largely untapped potential of the industry.
The event moved to Enugu in 2024 and Lagos in 2025, reflecting growing national interest in the crop and its economic prospects.
Ajanaku further revealed that the 2026 edition of Nigeria Cashew Day is scheduled to hold in Abuja, a move he said would enable direct engagement with the Federal Government at the highest level to drive policy alignment and investment decisions.
He stressed that boosting local processing, improving data collection, and implementing supportive policies would significantly increase export earnings, create jobs, and strengthen Nigeria’s non-oil revenue base.
