Nigeria made $250 million from cashew nut exports in 2022; $500 million is the goal – FG
According to the Nigerian government, cashew nut exports earned $250 million in revenue for the nation in 2022, and $500 million is expected by 2023.
Speaking at the Nigerian Cashew Day and the start of the cashew season under the topic “Industrializing the Nigeria Cashew Sector through Inclusive Policies,” Nigeria’s Minister of Agriculture and Rural Development Dr. Mohammed Abubakar revealed this.
The Minister, who was represented by the Permanent Secretary of the Ministry, Dr. Ernest Umakhihe, stated that agriculture exports had grown to be a significant non-oil export revenue source.
According to the minister, based on export figures for 2022, the growth in agricultural exports accounts for almost 10% of the GDP. He added that it is predicted that by 2023, cashew exports will total $500 million. Added him:
Since the 1990s, cashew has grown in prominence in Nigeria as an export-oriented cash crop and as a significant non-oil export revenue source.
Based on export data from 2022, it is projected to account for over 10% of GDP. It is developing into a commercial crop in Nigeria and is grown in 27 States, including the Federal Capital Territory.
“The Federal Government, through the Federal Ministry of Agriculture and Rural Development, named cashew as a priority crop in recognition of the importance of cashew.”
He added that the Ministry of Agriculture’s Value Chain Program and the Buhari administration’s Import Substitution Strategy are working together to implement the Agriculture export policy.
It is being promoted as part of the President Muhammadu Buhari-led administration’s Import Substitution Strategy.
“Over the years, the Ministry has engaged in a number of actions to encourage the expansion of the value chain in the nation, including the free delivery of improved seeds and seedlings to cashew growers.
establishing cashew cottage companies, distributing agrochemicals and growth promoters, and offering carbon-free jute bags and backpack sprayers. Others included giving cashew growers access to water pumps, developing their skills and training them, and holding awareness-raising activities.
Nigeria’s contribution to foreign exchange trading during the last three years has increased by at least 11%, according to Mr. Ojo Ajanaku, President of the National Cashew Association of Nigeria (NCAN).
This suggests that the industry has the ability to stimulate the development of national revenue, more jobs, and economic diversification, he continued.
In the third quarter of 2022, Nigeria exported agricultural goods worth N84.21 billion, a 40.6% decrease from the N141.77 billion recorded in the second quarter of 2022 but a 6% increase from the N79.41 billion recorded in the similar period of 2021.
On the other hand, Nigeria imported agricultural goods worth N512.91 billion in the third quarter of 2022, up 6.4% from the same quarter a year earlier and 10.4% from the N464.4 billion total (Q3 2021: N482.21 billion).
