Nigeria Rakes In $300m Yearly From Cashew Nuts

Nigeria is currently raking in about $300 million annually from cashew nut as revenue in her 14th globally ranked position as against $3 billion made annually by Vietnam from the product, cashew stakeholders have revealed. Besides, the country’s production capacity oscillates between 260,000 and 270,000 tonnes, coming behind Côte d’Ivoire’s cashew production capacity, which is in excess of 625,000 tonnes. However, amid the gap, cashew stakeholders are brainstorming on path Nigeria can cleavage to achieve her quest of diversifying the economy from oil to non-oil sector. At a virtual event session on cashew organised by Afex Commodities Exchange Limited, entitled, “unlocking Nigeria’s cashew nut potential,” New Telegraph gathered from the session various hindrances, bottlenecks inhibiting Nigeria from reaping maximally from cashew nut like other nations.

Mr. David Ibidapo of Afex Commodities Exchange underscored the importance of building Nigeria’s economy by diversifying the economy from oil to non-oil sector. “We can’t build economy on crude oil. We can leverage eco-nomic growth on agriculture given its potential and for that to happen, the country has to look at sectors the country has comparative advantage on and cashew nut is one of them,” he said.

Read more from the source: EIN