FG Targets $4bn Cashew Export Annually 

Minister of Industry, trade and Investment, Mr. Niyi Adebayo, has said the Federal Government is working assiduously to earn as much as $4bn annually from cashew exports as against $450 million yearly.
Adebayo, who disclosed this at a media briefing in respect of the 16th Annual Conference of the African Cashew Alliance to be held in Abuja, said the country currently produces about 260,000 metric tonnes of cashew nuts annually.
He stated that the plan is to raise the figure to 500,000 metric tones annually.
Represented by the Permanent Secretary of the Ministry, Dr. Evelyn Ngige, the Minister said a lot of sensitization is being carried out on the investment opportunities of hosting the event in Nigeria.
He said investment opportunities in the cashew sub-sector “is capable of generating immense wealth and employment for Nigerians”.
According to him, this cuts across the cashew value chain from cultivation, harvesting, processing, storage, and marketing, to exporting.
He disclosed that Nigeria currently has 15 active processing plants with capacity to produce 55,750 metric tonnes, adding that other eight inactive plants have the capacity to produce 8,500 metric tones.

By: Nkpemenyie Mcdominic, Lagos