Nigeria Can Earn $10bn Yearly from Cashew Industry —Producers

News in brief:

-Cashew farmers project $10bn yearly revenue from the industry if Nigeria processes locally rather than exporting raw nuts.

-Weak domestic processing capacity is limiting jobs, industrial growth and rural incomes.

Nigeria’s cashew industry has the capacity to generate as much as $10 billion in annual revenue and create millions of jobs if production and processing are properly structured, according to the National Cashew Association of Nigeria (NCAN).

The association’s president, Ojo Joseph Ajanaku, made this declaration in Abuja during a media briefing ahead of the 2026 national cashew conference and Nigerian Cashew Day.

Ajanaku said Nigeria’s agricultural potential remained largely untapped, noting that although the country has an estimated 92 million hectares of land, only a small proportion is currently under cultivation. He contrasted this with Côte d’Ivoire, which has a smaller land mass but outperforms Nigeria in both cocoa and cashew production.

Losses from Exporting Raw Cashew

According to him, Nigeria’s continued dependence on exporting raw cashew nuts has resulted in massive value loss, while high demand exists internationally for cashew byproducts such as cashew nut shell liquid and industrial cake, many of which are discarded locally.

He said cashew cake alone sells for about $0.95 per kilogram on the global market.

“If Nigeria produces just two million tonnes of cashew annually, which is achievable in less than five years, and the price averages $1,500 per tonne, that is $3 billion already. When processing and byproducts are added, the industry can deliver nothing less than $10 billion annually,” Ajanaku said.

He added that a locally driven policy framework was required to ensure Nigerians retain ownership of the cashew value chain rather than remaining raw material suppliers to foreign processors.

Weak Processing Capacity and Job Losses

NCAN also expressed concern over weak domestic processing capacity, particularly in major producing states, warning that the gap contributes to unemployment, rural-urban migration and broader social challenges.

The association disclosed that Nigeria currently produces between 400,000 and 500,000 metric tonnes of cashew annually, generating approximately $700 million in revenue. With appropriate policies, infrastructure and investment, production could rise to two million tonnes within five years.

NCAN national secretary, Augustine Unekwiojo, said investors must be encouraged to develop the full cashew value chain rather than focusing solely on kernel processing. He noted that additional products such as shell liquid and shell cake have significant industrial applications in fuels, coatings and agro inputs.

The 2026 national cashew conference, scheduled for January in Abuja, will focus on attracting what NCAN described as the right investments across the entire cashew value chain to maximise economic returns and job creation.