Nigeria to earn $500m from cashew exports in 2023

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Abuja, Jan. 25, 2023 -Dr Mohammed Abubakar, the Minister of Agriculture and Rural Development, said Nigeria projected to realise $500 million from cashew export in 2023.

Nigeria generated $250 million from the export of cashew nuts in 2022.

The Minister, who was represented by the Permanent Secretary in the Ministry, Dr Ernest Umakhihe, said this at the Nigerian Cashew Day and cashew season commencement in Abuja.

He said that agriculture exports had become important source of non-oil export earnings.

The minister said that agriculture exports growth represented more that 10 percent of GDP based on export data for 2022.

He said that the agriculture export policy had been part of the Import Substitution Strategy of the Buhari administration.

“It is being promoted under the import-substitution strategy of the present administration led by President Muhammadu Buhari.

“The ministry had carried out some activities over the years to promote the growth of the value chain in the country including the distribution of improved seeds/seedlings to cashew farmers free of charge,” he said.

Ojo Ajanaku, the President of National Cashew Association of Nigeria, said that Nigeria was steadily becoming a cashew export hub.

“This implies that the sector has the potential to drive national revenue generation, increase job creation and diversify the economy.”

Ajanaku said more than three million people in Nigeria, especially women, had become cashew producers and were driving the sector. (GBN

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