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From $250m in 2022, Nigeria Targets $500m Cashew Exports Proceeds in 2023



From $250m in 2022, Nigeria Targets $500m from Cashew Exports in 2023

The Nigerian Government said the country generated $250 million from the exports of cashew nuts in 2022, and forecasts exports to reach $500 million by 2023.

This was disclosed by Nigeria’s Minister of Agriculture and Rural Development Dr Mohammed Abubakar while speaking during the Nigerian Cashew Day and cashew season commencement with the theme ‘Industrialising the Nigeria Cashew Sector through Inclusive Policies‘.

Represented by the Permanent Secretary of the Ministry Dr Ernest Umakhihe, the Minister said that agriculture exports have become an important source of non-oil export earnings.

The Minister stated that agriculture exports growth represents over 10% of GDP based on export data for 2022. He also stated that cashew exports are estimated to reach $500 million in 2023. He added:

“In Nigeria, cashew is increasing in its importance as an export-oriented cash crop since the 1990s, it has become an important source of non-oil export earnings.

“It is estimated to represent over 10% 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.

“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.”

He also noted that the agriculture export policy is part of the Import Substitution Strategy of the Buhari administration in collaboration with the Value Chain Programme of the ministry.

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

“The Ministry had carried out some activities over the years to promote the growth of the value chain in the Country including the distribution of improved seeds/seedlings to cashew farmers free of charge.

“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 having sensitisation exercises.”

Mr Ojo Ajanaku, President, of the National Cashew Association of Nigeria (NCAN) revealed Nigeria has gradually grown as an agriculture export hub and contributed to foreign exchange trading over the last three years by at least 11 per cent,

“This implies that the sector has the potential to drive national revenue generation, increase job creation and diversify the economy” he added.

What you should know

Nigeria exported agricultural goods worth N84.21 billion in the third quarter of 2022, representing a 40.6% decline when compared to N141.77 billion recorded in Q2 2022, but marks a 6% increase compared to N79.41 billion recorded in the corresponding period of 2021.

On the flip side, Nigeria imported agricultural goods worth N512.91 billion in Q3 2022, which is 10.4% higher than the N464.4 billion recorded in the previous quarter and 6.4% higher than the corresponding period of 2021 (Q3 2021: N482.21 billion).

Cashew nuts –N10.43 billion: Cashew nuts export stood at N10.43 billion in Q3 2022, representing 12.3% of the total agric export in the review period.

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