The huge global demand for cashew nuts could make millionaires of Nigerian farmers who export the crop, as in the next 50 year, cashews could generate N100 billion annually for the Nigerian economy.
Cashew, which is an important industrial and export crop in Nigeria is believed to have provided livelihoods for over 300,000 families and generated about $253 million for Nigeria’s economy in 2015.
Countries demanding cashew nuts from Nigeria include the USA, India, China, Vietnam, Brazil and several European countries. The demand for cashew nuts is huge in these countries because of its several uses.
In Nigeria, cashew grows successfully in virtually all agro-ecological zones including the semi-arid areas, but with high concentration in the middle belt areas in smallholder farms and plantations. Cashew production comes from over 28 states.
The National Publicity Secretary of the National Cashew Association of Nigeria (NCAN), Mr. Sotonye Anga, said the annual global demand for the commodity far exceeds the supply, which means there is enough room for new players in the cashew nut exportation business. The demand for cashew globally is about 3 million metric tonnes and total supply is about 2 million metric tonnes.
He explained that Nigeria needs to grow about 53 million new cashew trees to take its place in the world of cashew production chart, adding that it would create 2000 jobs.
(1 Nigerian Naira=0.0050 USD)
Source: nigeriannewspapers.today
