Business
Boosting Industrial Utilisation Of Cashew In Nigeria
Anyigba is a major town in Kogi State and the serene community, which hosts the Kogi State University, is the site of a new cashew processing plant.
Analysts believe that the siting of the plant in Anyigba is apt because of the abundance of cashew in the neighbourhood to sustain full-scale production all-year round.
The cashew processing plant was established by Kogi State University in collaboration with the Raw Materials Research and Development Council (RMDC) because of the abundant cashew available in Kogi State and neighbouring states.
The university contributed the plant’s infrastructure — the building — while the RMRDC contributed the equipment. The RMRDC supplied the equipment through Abod Success Investment Ltd., a company which processes cashew nuts into spiced kernels.
Prof. Peter Onwualu, the Director-General of the RMRDC, says that 400, 000 metric tonnes of cashew are produced annually in Kogi State, for instance.
“About 60 per cent of the cashew is processed into intermediate products, such as cashew kernels, by an Indian company; Olam International, while the remaining 40 per cent is virtually wasted.
“The processed cashew products are shipped to India for further value addition and they are exported to the US and some parts of Africa as finished products,” he says.
The establishment of the cashew processing plant is, therefore, considered by analysts to be the climax of the efforts of the RMRDC to utilise the abundant cashew crop in the state and process it for value addition.
Observers say that Anyigba, a sleepy town, is now experiencing a flurry of business and entrepreneurial activities because of the cashew processing plant.
Onwualu says that Kogi State University had stockpiled enough raw materials that would sustain commercial production until the next harvest season, adding that the plant’s equipment had also been installed by the RMRDC.
He notes that that the equipment were locally designed and fabricated to promote local engineering capacities of the plant.
“This is the beginning of the actualisation of the policy of developing industrial clusters as a means of facilitating the growth of small scale industries in Nigeria,” Onwualu says.
The plant, which was inaugurated on October 14, 2010, is widely described as a venture which signifies the transformation of Kogi State University into a centre of purposeful learning and entrepreneurship.
The Deputy Governor of Kogi State, Dr Philip Salawu, shares similar sentiments. He believes that the launch of the cashew processing plant connotes the development of the university into “a citadel of manpower development and enterprise’’.
He says that the plant will stimulate economic activities in the state and the community in particular.
Salawu stresses that the inauguration of the plant is a fulfillment of the vision of the administration Gov. Ibrahim Idris to transform the state university into a centre of excellence.
Commenting on cashew production, the Minister of Science and Technology, Prof. Muhammad Ka’oje, says that the Federal Government is aware of the economic value of cashew, adding that efforts are being made to improve its production.
He says that cashew production in Nigeria increased from about 30,000 tonnes in 1990 to more than 176, 000 tonnes in 2000, adding that the development has made Nigeria to become an important participant in the world cashew market.
The minister, who gave the approval for the Anyigba cashew processing plant in 2009, underscores the importance of the project in efforts to actualise the industrial targets of the Federal Government’s Vision 20:2020 programme.
In most cases, the juicy cashew fruit is eaten raw, while its nuts are processed to be eaten or used as raw materials for industrial or medicinal products.
Diet Foods and Nutrition, a web-based health publication, says that cashew nuts, like all edible nuts, are an excellent source of protein and fibre.
It says that cashew nuts are rich in mono-unsaturated fat, which may help in protecting the heart, while they are also a good source of potassium, B vitamins, magnesium, phosphorous, selenium and copper.
Research has also shown that Cashew Nutshell Liquid (CNSL) — a by-product of processed cashew nuts — contains anacardic acids, which could be further processed into alcohol or used for treating tooth abscesses.
In spite of the multifaceted benefits of cashew, cashew processing is largely nonexistent in Nigeria and experts say that 90 per cent of cashew nuts produced in the country are exported to overseas countries.
Ka’oje bemoans the situation where the countries importing Nigeria’s cashew have established cashew processing factories to process the nuts, in particular, into various value-added products.
He insists that the country is losing a lot of revenue by merely exporting cashew as a raw farm produce.
The minister says that the Anyigba cashew processing plant, therefore, demonstrates the government’s determination to reverse the trend and ensure the optimal exploitation of farm produce to enhance their value addition.
Prof. Hassan Isah, the Vice-Chancellor of Kogi State University, says that the cashew processing plant currently has a workforce of over 200, including a management team.
He says that the plant, which commenced production in July 2010, is a product of a synthesis of ideas and a strong desire to harness the potential of the abundant cashew available in the country for development efforts.
Isah notes that every part of the cashew fruit is useful, saying: “The fruits are edible and they are a reliable source of protein, fatty acids and minerals. They are also used in confectionery and bakery industry.
“The cashew CNSL is an important multipurpose industrial raw material in the production of resins and friction powder for the automobile industry,” he says.
Isah says that cashew has an excellent international market value, with the US importing about 10 million dollars (about N1.5 billion) worth of CNSL annually.
Nwoko is of the News Agency of Nigeria (NAN)
Ifeanyi Nwoko
Banking/ Finance
Ripple Survey Reveals Appetite for Digital Assets
Cornerstone of Financial Services
A survey of more than 1 000 global finance leaders undertaken by digital payment network Ripple shows that 72% of respondents believe they need to offer a digital asset solution to remain competitive.
According to Ripple, leaders from the banking, fintech, corporate and asset management sector have made it clear that the “digital asset revolution is happening now”.
“Digital assets are quickly becoming a cornerstone of financial services, underpinned by progressive regulation, growing interest from Tier-1 banks, a steady consumer shift from banks to fintech providers, and booming stablecoin adoption,” Ripple says.
The survey was conducted in early 2026 and the findings released in March.
Stablecoin Boon or Bane?
Ripple has experienced significant success in the stablecoin sector since launching its Ripple USD (RLUSD) stablecoin in 2024.
With a market cap of $1.56 billion, it is considered a major regulated player in the market.
No doubt the platform was pleased to learn through its own survey that financial leaders were most bullish about stablecoins.
Roughly three-quarters of respondents believed they could boost cash-flow efficiency and unlock trapped working capital.
Ripple noted that finance leaders were thinking about stablecoins as more than “just a new way to execute payments”; instead, they viewed them as effective tools for treasury management.
In March 2026, Ripple began testing a new trade finance model built around RLUSD in a bid to increase the speed of cross-border payments.
The pilot initiative, developed alongside supply chain finance company Unloq [https://unloq.com], is running on the XRP Ledger inside a testing framework developed by the Monetary Authority of Singapore.
The Asian city-state is one of the platform’s biggest growth markets.
The idea behind the project is to see whether stablecoin-based settlement can streamline trade finance, too often hampered by reliance on intermediaries and slow reconciliation.
The only potential drawback is that if the initiative takes off, the Ripple to USD price could be negatively affected.
Ripple has always championed its native XRP token as a bridge asset, the “middleman” in the process of a financial institution turning dollars in the US into pounds in the UK, for example.
Ripple converts dollars into XRP and then back into pounds.
If RLUSD can do exactly the same thing, questions will be asked about XRP’s relevance.
That is a bridge Ripple will have to cross if it gets to that point.
Tokenisation Partners
Another interesting finding from Ripple’s survey is that most banks and asset managers are seeking tokenisation partners to help execute their strategies.
Some 89% of respondents said digital asset storage and custody were top priority. “Token servicing/lifecycle management also ranks highly for banks at 82%, while asset managers place greater emphasis on primary distribution at 80%,” Ripple found.
The survey also revealed that just more than half of fintechs and financial institutions want an infrastructure provider that can offer a “one-stop-shop solution”. This rose to 71% among corporate financial leaders.
Ripple attributes this to institutions and firms wanting uncomplicated, cohesive systems.
Infrastructure Rules
In its final analysis, Ripple says companies across the board are looking for partners and solutions that are “secure, compliant, battle-tested and that enable growth and execution”.
“The message is clear: infrastructure decisions made today will shape competitive positioning tomorrow.”
No surprise that this is precisely where Ripple is placing much of its focus.
