Nigeria’s cashew earnings hit N192bn, producers target $4bn

Nigeria’s cashew earnings hit N192bn, producers target $4bn

Nigeria’s cashew earnings hit N192bn, producers target $4bn

Nigeria’s annual earnings from the production and sale of cashew increased to about $450m or N192.64bn. Also, the Federal Government announced plans to develop 22,910 metric tonnes cashew processing plants, with the target of creating one million jobs through the value chain. The Government and African Cashew Alliance (ACA) spoke at a press conference on the 16th ACA Annual Cashew Conference and Expo in Abuja, an event that attracted delegates from across the globe. The President, Board of Directors, African Cashew Alliance, Babatola Faseru, said Nigeria had been able to raise its earnings from cashew to $450m annually, but stressed that the target was to increase this to
$4bn. Faseru said, “The $450m is what the country earns annually from cashew production. However, this is actually too small because a country like Vietnam does $3.5bn annually. According to him, what brings about that gap is the value addition which they add to their production. “Vietnam produces about 350,000 metric tonnes a year. Nigeria produces about 270,000MT, but fails to process enough cashews to increase earnings. The Minister of Industry, Trade and Investment, Niyi Adebayo, stated that Nigeria currently had 15 active cashew processing plants with an estimated capacity of 55,750MT and eight inactive plants with an estimated capacity of 8,500MT. The Minister, who was represented by the Permanent Secretary, FMITI, Evelyn Ngigi stated that new investments are being planned for the development of six new plants with an estimated capacity of 22,910MT. (https://thenationonlineng.net/fg-grants-cashew-processors-five-years-income-tax-relief/)

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