The National Cashew Association of Nigeria (NCAN) has unveiled a bold strategic vision, asserting that Nigeria’s cashew sector is a “sleeping giant” capable of generating a staggering $10 billion in annual revenue. During a recent press briefing in Abuja, NCAN President Dr. Joseph Ojo Ajanaku emphasized that this financial milestone is within reach if the country successfully transitions from being a mere exporter of raw nuts to a sophisticated hub for local processing and value addition. Currently, the industry earns approximately $700 million to $800 million annually, meaning the proposed transformation could increase the sector’s economic contribution by more than tenfold.
Institutionalizing Growth: The 2026 Nigeria Cashew Day
To catalyze this growth, NCAN is set to host the 4th Annual Nigeria Cashew Day (NCD) & Cashew Stakeholders Summit from January 22 to 24, 2026. In a significant move to gain political traction, the event will take place at the Presidential Banquet Hall in Abuja. The theme, “Unlocking the True Potential of the Nigerian Cashew Industry through Investment, Innovation, and Global Trade,” reflects a shift toward direct engagement with federal policymakers to establish a national cashew policy that protects local interests from exploitative global market dynamics.
Closing the Data Gap and Scaling Production
One of the primary hurdles cited by Dr. Ajanaku is the lack of a reliable statistical framework. While official figures captured over 400,000 metric tonnes in export volume last season, actual production is estimated to be significantly higher due to undocumented “leakages” across borders. NCAN believes Nigeria can realistically scale its output to 2 million metric tonnes within the next five years.
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Raw Export Potential: At a global price of $1,500 per tonne, 2 million tonnes would net $3 billion.
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The Value-Add Multiplier: The remaining $7 billion of the $10 billion target would come from processing the nuts locally and commercializing by-products.
Turning Waste into Wealth: The “Vietnam Connection”
Nigeria’s strategy involves learning from global leaders like Vietnam. NCAN recently signed a landmark Memorandum of Understanding (MoU) with the Vietnam Cashew Association (VINACAS) to facilitate technology transfer. This partnership is crucial for utilizing by-products that are currently discarded as waste in Nigeria, such as:
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Cashew Nut Shell Liquid (CNSL): An industrial oil used in friction linings, paints, and resins.
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Cashew Cake: The residue from oil extraction, which is sold internationally as high-value animal feed or industrial fuel.
Dr. Ajanaku pointed out the irony of the current situation: while Nigeria’s Kogi State produces some of the most nutritious cashew nuts in the world, it lacks a single processing factory. Establishing these facilities in producing regions would not only boost the GDP but could potentially create up to 50 million jobs, providing a sustainable alternative to the country’s over-reliance on crude oil.
