THE Nigerian Export Promotion Council (NEPC) has projected a revenue generation of $500 million in 2023 from cashew nut export.
The NEPC executive secretary, Israel Yakusak, who spoke at the inauguration of the organic cashew certification programme for export, said in a statement on April 15 that the total value of cashew nuts exported in 2022 hit $252 million.
Yakusak added that the rise in earnings followed the launch of the organic cashew certification programme.
He stated that the project aims to discourage the export of raw cashew and encourage value addition across the cashew value chain, enthusing that if this was properly executed, it would generate more foreign exchange for the country, create jobs and drive industrialisation.
The Executive Secretary also emphasised the urgent need to scale up both production and processing of cashew for exports in order to earn more foreign exchange for the country.
The NEPC targets a higher market share of the commodity, which commands a global export value of over $4.5billion annually.
Cashew is one of the 13 national strategic export products chosen by Federal government under category B of the Zero Oil Plan – one of the strategies highlighted in the Economic Recovery and Growth Plan (ERGP) to emancipate Nigeria from dependence on single commodity (oil) for survival.
Harrison Edeh is a journalist with the International Centre for Investigative Reporting, always determined to drive advocacy for good governance through holding public officials and businesses accountable.