The National Cashew Association of Nigeria says it can inject $3.7 billion into the Nigerian economy if the industry receives adequate attention, especially from the government. NCAN national president Ojo Ajanaku said this during a media conference on Monday in Abuja.

Mr Ajanaku said the industry was in the process of producing more than two million metric tonnes of cashew per year if given the opportunity.

“Cashew presently employs over five million people in Nigeria but can create more jobs if supported to increase its volume of production,” he said.

“For instance, if Nigeria is able to produce two million tonnes of cashew, if we sell only the raw cashew nut without adding value to it, we are looking at $2.4 billion,” Mr Ajanaku stated.

According to him, the economic value of cashews worldwide was valued at $7.8 billion, adding that it was projected that it would be about $11 billion by next year.

The NCAN president noted that Africa was the largest producer of cashews, and Nigeria had the potential to be the highest producer in Africa with adequate investment in the sector.

“Essentially, we were once the highest producer of cashew in Africa before we dropped to the fourth position where we are today,” Mr Ajanaku explained.

He added, “Now if you look at the price that is already in the market, it’s about $1,700 per tonne. What this means is that we are looking at about $3.7 billion that will be netted into the Nigerian economy.

(NAN)