Nigeria can generate up to $10 billion annually from the cashew industry if the right policies, investments and value-addition strategies are put in place, the National Cashew Association of Nigeria (NCAN) has said.
Speaking at a press briefing in Abuja ahead of Nigeria Cashew Day 2026, Dr. Ojo Joseph Ajanaku, NCAN President, said the country has the land, labour and market access to become a global cashew powerhouse, but remains constrained by weak policies, poor data and limited processing capacity.
He explained that Nigeria Cashew Day, launched in Benin (2023) and later held in Enugu (2024) and Lagos (2025), will take place in Abuja in 2026 to enable direct engagement with the Federal Government on sector reforms.
“Our goal is a national cashew policy owned by Nigerians, one that protects the industry, promotes organic cashew and ensures we benefit fully from what we produce,” Ajanaku said.
Despite having about 92 million hectares of land, with over 34 million hectares of arable land unused, Nigeria still trails countries like Côte d’Ivoire, which has a smaller landmass but higher cashew output.
According to Ajanaku, proper development of the cashew value chain could create jobs for over 50 million Nigerians, particularly in rural areas.
He stressed the urgency of shifting from raw exports to local processing, warning that exporting unprocessed cashew nuts leads to massive losses in jobs, revenue and foreign exchange.
“Kogi State is one of Nigeria’s top cashew producers, yet it has no cashew processing factory. If factories are located in producing areas, rural economies will grow, and youths will be employed,” he said.
Ajanaku also raised concerns over the lack of reliable production data, noting that Nigeria currently relies on export figures, while significant volumes leave the country unrecorded.
NCAN estimates that documented exports exceeded 400,000 metric tonnes, valued at about $700 million, though actual volumes are believed to be much higher.
He said Nigeria could increase production to over 2 million metric tonnes within five years, and possibly exceed 4 million tonnes in the long term. At a conservative price of $1,500 per tonne, 2 million tonnes would generate $3 billion, excluding by-products.
Ajanaku added that by-products such as Cashew Nut Shell Liquid (CNSL) and residue cake, largely wasted locally, also offer strong export value.
“If we process locally and fully exploit the entire value chain, Nigeria can earn a minimum of $10 billion annually from the cashew industry,” he said.
He noted that Nigeria Cashew Day 2026 will serve as a platform to showcase Nigeria’s readiness to attract global investors and reclaim a leading position in the international cashew market.
