The National Cashew Association of Nigeria (NCAN) has estimated that Nigeria could generate more than $10 billion annually from cashew production, processing, and exports, while creating over 50 million jobs if the sector is properly developed.
Okay News reports that NCAN President Ojo Joseph Ajanaku made the projection during a press briefing in Abuja on Monday, ahead of this year’s National Cashew Day Conference.
Ajanaku highlighted Nigeria’s untapped potential, noting the country has about 92 million hectares of arable land suitable for cashew cultivation, far exceeding Ivory Coast’s 32 million hectares.
Despite this advantage, Nigeria currently produces between 400,000 and 500,000 metric tonnes annually, generating roughly $700 million in export earnings.
He attributed the gap to the absence of a comprehensive national cashew policy that prioritises local interests and value addition.
Ajanaku stressed that scaling production to two million tonnes per year and focusing on domestic processing would dramatically increase revenue and economic impact.
He lamented the lack of processing factories in major producing states such as Kogi, which forces young people to migrate to urban areas in search of employment opportunities.
“If we process where we produce, jobs will return to rural communities,” he said.
The NCAN president announced that the association will host its National Cashew Day Conference this year to facilitate direct engagement with the Federal Government, stakeholders, and industry players.
The conference aims to push for policy reforms, investment in processing infrastructure, and strategies to capture greater value within Nigeria.
Ajanaku urged the government to develop a robust national cashew policy that positions Nigeria as a dominant player in the global market rather than remaining a raw material exporter.
The sector’s growth potential could significantly boost rural economies, reduce youth unemployment, and enhance Nigeria’s non-oil export earnings.
 has estimated that Nigeria could generate more than $10 billion annually from cashew production, processing, and exports, while creating over 50 million jobs if the sector is properly developed.){kind=link}