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FG eyes $500m revenue from cashew exports

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THE Minister of Agriculture and Rural Development, Mohammed Abubakar, has revealed that the Federal Government is to generate $500 million from cashew nut exports in 2023.

The minister, who was represented by the Permanent Secretary of the Ministry, Dr Ernest Umakhihe, disclosed this on Tuesday, January 24, during an event held to mark the Nigerian Cashew Day and commencement of the cashew farming season, in Abuja.

Speaking on ‘Industrialising the Nigeria Cashew Sector through Inclusive Policies’, Abubakar said that Nigeria generated over $250 million from cashew exports in 2022, adding that the product could fetch Nigerian farmers about $500 million in 2023.

He pointed the revenue from cashew export is estimated to represent over 10 per cent of the Gross Domestic Product (GDP) based on export data of 2022.

”It is estimated to represent over 10 per cent of GDP based on export data of 2022 and it is becoming a commercial crop in Nigeria and is cultivated in 27 states including the FCT,” he stressed.

“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. It is being promoted under the Import Substitution Strategy of the present administration led by President Muhammadu Buhari.”

The minister noted that cashew is one of the crops being promoted under the Value Chain Programme of the ministry.

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He stressed that the Ministry had carried out a number of activities over the years to promote the growth of the value chain, including the distribution of improved seeds/seedlings to cashew farmers free of charge.

Abubakar added that the Ministry had financed the establishment of cashew cottage industries in some states, distribution of agrochemicals/growth enhancers, carbon-free jute bags and knapsack sprayers.

”Others were the provision of water pumps to cashew farmers, conducting capacity building/training for cashew farmers and sensitisation exercises,” he added.

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