The National Cashew Association of Nigeria (NCAN) said the country can generate up to $10 billion yearly from the cashew value chain if the sector is properly harnessed and developed.

The President of NCAN, Dr Joseph Ojo Ajanaku, said this at a press briefing in Abuja to announce a plan to host the 2026 Nigeria Cashew Day, scheduled to hold on January 22 and 23 in Abuja.

He said that although Nigeria currently lacks a reliable statistical framework to accurately track cashew production, but that it has the capacity to scale production to at least two million metric tonnes within five years.

He explained that if two million metric tonnes of cashew are sold at an estimated global price of $1,500 per tonne, Nigeria could earn about $3 billion yearly from raw cashew exports alone, with total revenue rising to over $10 billion if local processing and by-products are fully developed.

Ajanaku noted that Nigeria’s current cashew data only reflects export volumes, adding that large quantities of cashew are exported without proper documentation, thereby denying the country vital foreign exchange earnings.

“For the last season alone, Nigeria officially exported over 400,000 metric tonnes of cashew, valued at about $700 million, but actual production is far higher,” he said.

According to him, the Nigeria Cashew Day conference was designed to bring together key stakeholders across the cashew value chain including producers, processors, marketers and service providers to highlight the sector’s untapped potential, attract investment and enable direct engagement with policymakers toward the development of a national cashew policy that reflects local realities and protects the industry from exploitative interests.

He also highlighted the economic value of cashew by-products such as cashew nut shell liquid (CNSL), noting that materials currently treated as waste in Nigeria are sold internationally for significant profit. He cited Vietnam as an example, where cashew processing waste is utilised for industrial purposes.

The NCAN president further disclosed that Nigeria has signed a memorandum of understanding (MoU) with Vietnamese partners to promote technology transfer and strengthen bilateral trade, following a joint trip involving NCAN, the Nigeria Export-Import Bank (NEXIM) and others.