Nigeria cashew industry generates n113b in 2019- NBS

The National Bureau of Statistics(NBS), said Nigeria Cashew industry generated N113 billion ($300m) between March 2019 and March 2020.

The National President of the National Cashew Association of Nigeria (NCAN), Ojo Ajanaku, made this known while speaking virtually at the flag off trading for year 2021 which had in attendance cashew stakeholders across the country.

Ajanaku called on all stakeholders to support the industry by planting more cashew trees to increase production of the product since it can grow in all parts of the country.

Otunba Niyi Adebayo, Hon Minister of Industry, Trade and Investment, who was represented by Nasir Sani-Gwarzo, Permanent Secretary in the ministry reiterated the need to trade fairly and justly and to abide by laws of the country.

The Federal Government through the Ministry is committed to the Economic Sustainability Plan (ESP) launched last year which the Cashew sub-sector is a key part of the Plan.

Roland Oroh, Director of the Nigeria Agribusiness Register who presented a marketing outlook report gave a picture of moderate to steady demand and consumption for cashew kernels in 2021 in the traditional markets like E.U. and the U.S. and the Asian markets.

However, he recommended cautious buying amongst local traders and exporters in Nigeria.

This was also reaffirmed by both Mayank Jhanjhri, Business Head, Edible Nuts, Olam Nigeria and Tola Faseru, Managing Director of Colossus Investment and President, Board of Directors of the African Cashew Alliance (ACA).

MTO/ Independent