Nigeria’s cashew industry is entering a new phase of policy and investment opportunities after the federal government opted for an industry roadmap rather than an outright ban on raw cashew exports.
While growers are targeting one million tonnes of production, processors are pushing for tighter control of foreign access to farm-gate supplies.
Although farmers want competitive prices and assured markets for their produce, domestic processors said uncontrolled purchases by foreign buyers are driving up raw cashew prices and is undermining their competitiveness.
National Cashew Association of Nigeria (NCAN) said the validated roadmap provides a more sustainable alternative to an export ban, arguing that the government can achieve greater value addition by supporting farmers and processors simultaneously.
Its national president, Ademola Adesokan, told LEADERSHIP exclusively, that the industry was encouraged by the federal government’s decision to establish a policy framework instead of restricting exports.
“There is no export ban. The cashew industry has a bright future; stakeholders are very happy. We finally have a policy validated by stakeholders with collaboration with the Ministry of Industry, Trade and Investment and the Ministry of Agriculture and Food Security,” Adesokan said.
