The Federal Government has set a target of $500 million foreign exchange (FX) earnings from cashew nuts exports from the country in 2023, representing about 50% increase earned from the commodity’s exports in 2022.
The Executive Secretary of the Nigerian Export Promotion Council (NEPC), Dr. Ezra Yakusak, who made this projection during an interview with the News Agency of Nigeria (NAN) disclosed that last year Nigeria exported 315,667 metric tonnes of cashew nuts worth $252 million in 2022.
According to the news report, the Executive Secretary was quoted as saying that the 5.year Cashew Nuts programme between the NEPC, NICERT, Valency Limited and PRO-Cashew was initiated to boost the nation’s non-oil sector performance by supporting cashew farmers and processors and also facilitate a gradual shift from conventional cashew to organic specie which has better market and FX earning opportunities for farmers and the government.
The news agency reported: “According to Yakusak, the aim of the project is to support the Nigerian cashew sector and increase cashew productivity and efficiency, improve crop quality, and improve harvest and post-harvest techniques.
“While noting that Nigeria exported 315,677 metric tonnes of raw cashew nuts worth 252 million dollars, which accounts for 5.24 percent of Nigeria’s non export portfolio in 2022, Yakusak said there was the need for value addition to boost exports’ FX earnings
The NEPC’s boss further clarified: “In 2022, our non-oil performance export indicated that cashew nuts was the 5th leading non-oil exportable product in Nigeria.
“We felt that we need to encourage this product and ensure that the potential from cashew is better harnessed. We expect cashew worth about 252 million dollars in 2022 and with the launch of the project, we hope to double it this year”, Yakusak added.
In her remarks, the Group Managing Director of NICERT, a private company providing international certification for expert products in the country, urged export-oriented companies to eschew using harmful and toxic chemicals in their farming and food processing activities by exploring the opportunities in organic farming methods.
She said: “As we continue to face challenges related to climate change and environmental degradation, it is critical that we adopt sustainable practices that minimize harm to the planet and support local communities.”
