How Nigeria Earned $250m From Cashew Export In 2022 — FG

The Federal Government of Nigeria through the honourable Minister of Agriculture and Rural Development, Dr. Mohammad Mahood Abubarkar has come to claim that the country earned 250 million US Dollars from export in cashew nuts in 2022.

Speaking in Benin City, Edo State, he however, lamented that out of the 250,000 mt of cashew nuts produced in Nigeria annually, only about 10% is processed locally.

Mr. Abubakar who was represented by Dr. Ernest Afolabi Umakhihe, Permanent Secretary of the Ministry, made the statement at the lunch of Nigeria Cashew Day and Cashew Season flag-off ceremony with the theme:” Industrializing 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% of the country’s agricultural export) and cashew export is expected to fetch Nigerian farmers about $500 million by 2023.

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He added that; ‘In Nigeria, cashew is increasing in its importance as an export-oriented cash crop since in the 1990s. It has become an important source of non-oil export earnings (estimated to represent over 10% GDP based on export data for 2022). It has become a commercial crop in Nigeria and is cultivated in 27 States of Nigeria, including the Federal Capital Territory (FCT).

‘In realisation of the importance of Cashew, the Federal Government through the Federal Ministry of Agriculture and Rural Development listed Cashew as a priority crop to be promoted under the Import Substitution Strategy of the present administration led by President Muhammadu Buhari.

‘I therefore, implore you to continue working together in harmony as this is the only way you can make 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.

‘Out of the 250,000 mt of cashew nuts produced in Nigeria, only about 10% is processed while Raw Cashew Nuts (RCN) are sold to cashew buying agents for export and cashew apple eaten raw and the rest wasted because of inadequate facilities to process another cashew derivative e.g. cashew juice, jam, ice cream etc. This means exporting Nigerian jobs to other countries.’

Edo state governor, represented by the Commissioner of Agriculture and Food Security, Hon. Stephen Idehenre, said government hope is to see the event attract more investors, impact knowledge, harmonise our cashew industry for the gain of the state economy.

Africa Today News, New York

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