The President of National Cashew Association of Nigeria, Ojo Ajanaku, has expressed concerns over the significant decline in Nigeria’s cashew production, describing it as a missed economic opportunity for the nation.
Speaking in Abuja ahead of the 2025 Cashew Day, Ajanaku revealed that Nigeria, once Africa’s leading cashew producer, had drastically dropped in the global rankings.
Ajanaku emphasised the vast economic potential of cashew production, stating: “Cashew has great potential. The economic value of cashews globally is currently valued at $7.8 billion, and it is projected to grow to approximately $11 billion next year.
Africa is the largest producer of cashews, and Nigeria has the capacity to be the highest producer.” He further highlighted the decline in Nigeria’s cashew production, saying: “Nigeria was once the leading producer of cashews, but we have significantly dropped in ranking.
This conference provides an opportunity to explore ways to restore our production capacity and achieve the economic benefits we should be reaping.”
Ajanaku noted that increasing cashew production to two million tonnes annually could generate approximately $2.4 billion in revenue, and potentially up to $3.7 billion with current market prices.
He emphasised the enormous untapped potential of the cashew industry, which currently employs over one million people and indirectly impacts over five million individuals.
“The cashew industry in Nigeria currently provides direct jobs to over 1 million people and indirectly impacts over 5 million individuals. If we increase production, the potential for job creation is enormous,” Ajanaku said.
Please follow and like us:
