Nigeria has the potential to generate up to $10 billion annually from its cashew industry if the right policies, investments, and value-addition strategies are put in place, the National Cashew Association of Nigeria (NCAN) has said.

The National President of NCAN, Dr Ojo Joseph Ajanaku, disclosed this during a press briefing in Abuja ahead of the upcoming Nigeria Cashew Day.

According to Ajanaku, Nigeria possesses vast land resources, a large workforce, and access to global markets, positioning the country to become a leading player in global cashew production and processing. However, he noted that weak policy frameworks, poor data management, and limited local processing capacity have continued to hinder growth in the sector.

He explained that Nigeria Cashew Day, first held in Benin in 2023, was created to bring together stakeholders across the cashew value chain — including farmers, processors, marketers, and service providers — to showcase the industry’s largely untapped potential. The event later moved to Enugu in 2024 and Lagos in 2025 and is scheduled to take place in Abuja in 2026 to enable direct engagement with the federal government.

“Our goal is to have a national cashew policy that is designed and owned by Nigerians, not imposed by external interests. We want a policy that protects the industry, promotes organic cashew, and allows us to fully benefit from what we produce,” Ajanaku said.

He noted that despite Nigeria having over 92 million hectares of land, with more than 34 million hectares of arable land currently unused, the country still trails nations like Côte d’Ivoire, which has a smaller landmass but records higher cocoa and cashew output.

“With proper planning and investment, the cashew industry alone can provide employment for over 50 million Nigerians. We have the land, population, and financial capacity to become the world’s leading cashew producer,” he added.

Ajanaku stressed the importance of shifting from raw cashew exports to local processing, warning that exporting unprocessed nuts results in massive losses in revenue, jobs, and foreign exchange earnings.

He expressed concern that several top cashew-producing states lack processing facilities, citing Kogi State as an example.

“Kogi is one of Nigeria’s leading cashew-producing states, yet it has no cashew processing factory. Establishing factories in producing areas will create jobs and stimulate rural economies,” he said.

The NCAN president called on state governments to offer incentives to attract investors and urged local entrepreneurs to invest in processing facilities within their states of origin.

He also criticised the lack of reliable production data, noting that Nigeria currently relies on export figures to estimate cashew output. According to him, large volumes of cashew leave the country undocumented as some exporters evade official procedures to avoid repatriating export proceeds.

NCAN estimates that officially recorded exports from the last season exceeded 400,000 metric tonnes, valued at about $700 million, though actual figures are believed to be much higher.

Ajanaku said Nigeria could raise 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, producing 2 million tonnes would generate $3 billion annually, excluding by-products,” he explained.

He also highlighted the economic value of cashew by-products such as Cashew Nut Shell Liquid (CNSL) and residue cake, which are often wasted locally but fetch about 95 cents per kilogram on the international market.

“If Nigeria processes its cashew locally and fully harnesses the entire value chain, the industry can generate a minimum of $10 billion every year,” Ajanaku said.

He added that the upcoming Nigeria Cashew Day would serve as a platform to show global investors that Nigeria is ready to play a leading role in the international cashew market, provided the right policy decisions are made.