Nigeria targets N350 bn from cashew exports in 2023
- Earned N176.4 bn in 2022
Sopuruchi Onwuka
Nigeria works on plans to double its cashew nuts export in year, projecting the commodity as one of the leading non oil exports in the government’s economic diversification drive.
Export data available at the National Export Promotions Council (NEPC) show that the target is to export 631, 454 metric tons of cashew nuts with estimated cash value of $505 million or N353.5 billion.
Pre-shipment data polled from various inspection agents, according to NEPC, indicated significant upside projection in the 2023 production of the high profile cash crop the processed nuts of which are usually served at dinner and wine tables.
Executive Secretary of NEPC, Dr. Ezra Yakusak, declared that raw cashew was the fifth leading non-oil export commodity from Nigeria.
In citing the Nigerian 2022 Non-Oil Performance Report, Dr Yakusak stated that position of cashew nuts is likely to rise in the country’s non-oil export index in 2023.
According to him, “in 2022, our non-oil performance export performance indicated that cashew was the fifth leading non–oil exportable product in Nigeria.
“The aim of the export drive is to support the Nigeria cashew sector and increase cashew productivity and efficiency, improve crop quality, and improve harvest and post-harvest techniques,” pledged.
The Oracle Today reports that government is focusing on agriculture, especially cash crops, in its short to medium term economic development agenda which seeks to steer the economy from oil dependence.
The NEPC reported export of about 315,677 metric tons of cashew nuts from Nigeria which it said earned the country estimated US$252 million or N176.4 billion in 2022 when commodity accounted for 5.24 per cent of the country’s non-oil export portfolio.
The export promotion agency stated that the country would now work to boost production and drive export north by 100 percent in 2023. The agency projects estimated export earnings of about $505 million from the commodity in 2023.
