Nigeria’s cashew sector rakes in over $400m through exports – FACAN
Nigeria’s cashew industry has raised over $400 million in export earnings, boosting the country’s non-oil revenue. Industry leaders, however, say the sector has the potential to deliver even greater value through increased production, processing, and domestic consumption.
Sheriff Balogun, President of the Federation of Agricultural Commodity Associations of Nigeria, said this at the 4th Nigeria Cashew Day held in Abuja on Thursday, noting that official data showed steady growth in non-oil exports, driven largely by agricultural commodities such as cashew.
Balogun said, “Based on official statistics, we see tremendous growth in non-oil exports, contributing to Nigeria’s economic development, from about $5 billion to $6.1 billion this year.
“Cashew alone has contributed over $400 million, exporting more than 300,000 tonnes. For a single product to contribute that amount, you can see that the cashew sector is producing significantly.”
Balogun, however, noted that Nigeria was still operating below its full potential, particularly in processing and value addition.
“We can do more. In two, three, four, five years, with adequate planning, we should be able to move our production to about a million dollars. Currently, we are processing just about 20–30% of what we produce,’’ he said.
He added that deeper value addition could multiply earnings and create jobs.
“We are encouraging value addition. If we add value, we can make more than five times what we earn at the moment, while also creating more jobs for our growing population,’’ Balogun said.
Balogun also emphasised the importance of boosting local consumption to strengthen the domestic market.
“We are encouraging more production, more processing, and consumption to the final stages. If people are buying, it confirms the product’s value.
“So, while we export to those who appreciate it, why shouldn’t we consume more ourselves? Encouraging a culture of domestic consumption will tap into a huge market for a country of over 200 million people.
“Value addition means building more factories and processing to the last mile—not just cracking nuts, but roasting, packaging in different forms, and producing items like cashew milk, cashew oil, and more,’’ Balogun said.
Ibrahim Sanfo, President of the African Cashew Alliance, said Africa remains the world’s largest cashew producer but consumes very little of what it produces.
“In Africa, we are the top producers but consume less than 1%. We also have a large market, like India, and need to process and consume our own product.
“Our processing is less than 10%, while we export 80–90%. We need to process more for local consumption, and government support is crucial. Without it, this problem cannot be resolved,’’ Sanfo said.
Meanwhile, Joseph Ajanaku, President of the National Cashew Association of Nigeria (NCAN), said Nigeria is working to reclaim its status as a leading global cashew producer.
“We want to grow Nigeria’s cashew production capacity so we can return to the number one position we once held,’’ Ajanaku, said.
He noted that the country has the natural resources to dominate global production.
“Nigeria has the largest population of black people in the world. We have the land, the climate, and all the resources needed to be the number one cashew producer globally,’’ Ajanaku, said.
Ajanaku said the sector had grown significantly over the years, but poor data and weak export monitoring continued to affect performance.
“One major challenge is that some foreigners bypass the Nigeria Export Proceeds Form, avoiding repatriation of exported funds. This makes it difficult to get accurate production figures.”
“This administration has set up the NCAN Farmers’ Mapper to track all farms, know production levels, identify exporters, and monitor destinations of exports,’’ Ajanaku said.
Ajanaku also urged the Federal Government to prioritise agro-processing through affordable financing.
He also said, “We discuss a special agro-processing loan. Institutions like the Central Bank, NEXIM Bank, and Bank of Agriculture can provide loans at less than 5%, even as low as 3%, to support processing in the country.”
Cashew has become one of Nigeria’s most important non-oil agricultural exports, ranking among the top export products and contributing to economic diversification.
Reports show cashew exports increased by more than 80% year-on-year in early 2025, reflecting strong global demand for both raw and processed nuts.
Nigeria’s broader non-oil export sector, which includes commodities such as cocoa, sesame, and urea, also recorded strong performance in 2025, with total earnings rising to about $6.1 billion, according to the Nigerian Export Promotion Council.
