Nigeria can earn up to US$10B yearly from cashew with strong policies, NCAN says

NIGERIA – Nigeria could earn as much as US$10 billion each year from its cashew industry if the country puts the right investment plans, clear policies and local processing systems in place, the National Cashew Association of Nigeria has said.

Speaking at a press briefing in Abuja ahead of Nigeria Cashew Day 2026, NCAN President Dr Ojo Joseph Ajanaku said Nigeria has the land, labour and market access to grow the sector, but gaps in policy, data and processing continue to hold it back.

Ajanaku said Nigeria Cashew Day, which started in Benin in 2023, brings together farmers, processors, traders and service firms across the value chain. The event moved to Enugu in 2024 and Lagos in 2025 and will hold in Abuja in 2026 to allow direct talks with the federal government.

“Our aim is to have a national cashew policy that is owned by Nigerians, not one imposed by external interests. We want a policy that protects the industry, promotes organic cashew, and allows us to fully own what we produce,” he said.

He noted that Nigeria has about 92 million hectares of land, with over 34 million hectares of arable land lying unused. He compared this with Côte d’Ivoire, which has about 32 million hectares but records higher cocoa and cashew output.

“With proper harnessing, the Nigerian cashew industry can create jobs for over 50 million Nigerians. There is nothing lacking we have the land, the population and the financial capacity to be the number one cashew producer in the world,” he said.

Processing gaps and weak data

Ajanaku said Nigeria must focus on local processing instead of exporting raw nuts, which drains income, jobs and foreign exchange. He pointed to Kogi State as a key example of the problem.

“Kogi is one of the leading cashew producing states in Nigeria, yet it has no single cashew factory. If factories are located in producing areas, our children will be employed, and rural economies will grow,” he said.

He also raised concerns about weak production records.

“We don’t have the correct statistical structure to determine how much cashew we produce. Worse still, a large volume of cashew leaves the country without records, as exporters bypass official procedures to avoid repatriating proceeds,” he said.

NCAN estimates that recorded exports last season exceeded 400,000 metric tonnes, worth about US$700 million, though actual volumes may be higher. Ajanaku said Nigeria could reach over 2 million tonnes a year within five years.

“At a conservative price of US$1,500 per tonne, producing 2 million tonnes would generate US$3 billion, excluding by-products,” he said, adding that cashew residues sell for about US$0.95 per kilogram abroad.

He said by-products such as Cashew Nut Shell Liquid offer added income and jobs if processed locally.

Broader policy signals

Ajanaku said Nigeria Cashew Day would send a clear message to investors if authorities support the sector with firm decisions. In a related political move, four lawmakers from Anambra State recently left the Labour Party for the African Democratic Congress, a shift that analysts say could affect state level support for agriculture policies.

Ajanaku said consistent backing across government levels would help Nigeria turn cashew into a steady source of income and jobs.

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