• About
  • Advertise
  • Careers
  • Contact Us
Wednesday, June 25, 2025
  • Login
No Result
View All Result
NEWSLETTER
Tech | Business | Economy
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
No Result
View All Result
Tech | Business | Economy
No Result
View All Result
Home Economy Finance

Nigeria Earned $250m from Cashew Export last year, eyes $500m in 2023

by Justice Godfrey Okamgba
January 25, 2023
in Finance
1
Export
UBA
Advertisements

Dr. Mohammad Abubarkar, the Minister of Agriculture and Rural Development, said that Nigeria made $250 million from cashew nut exports last year but expressed disappointment that only 10% of the 250,000 metric tonnes of cashew nuts produced in Nigeria each year are processed locally.

Dr. Ernest Umakhihe, the Ministry’s Permanent Secretary, spoke on Dr. Abubakar’s behalf yesterday, January 24, at the beginning of cashew season and the celebration of Nigeria Cashew Day in Benin, the capital of Edo State. The theme of the event was “Industrializing the Nigerian Cashew Sector Through Inclusive Policies.”

“By the end of 2022, cashew nut exports from Nigeria generated over $250 million, or nearly 10% of the nation’s agricultural exports,” he stated.

2023 Cashew Export Prediction 

By 2023, cashew export is predicted to bring in $500 million for Nigerian farmers.

“I beg you to continue cooperating peacefully because this is the only way you can have a good influence on the long-term growth of the cashew industry and ensure that it helps this administration’s economic diversification program achieve its overarching objective.

Since the 1990s, cashew has gained more significance in Nigeria as an export-oriented cash crop. It has grown to be a significant non-oil export revenue source.

“Cashew has become a commercial crop in Nigeria. It is cultivated in 27 states, including the Federal Capital Territory (FCT).

“In realization of the importance of cashew, the Federal Government, through the Federal Ministry of Agriculture and Rural Development, listed cashew as a priority crop to be promoted, under the Import Substitution Strategy of the present administration led by President Muhammadu Buhari.

“Out of the 250,000 metric tonnes of cashew nuts produced in Nigeria, only about 10 percent is processed, while Raw Cashew Nuts (RCN) are sold to cashew buying agents for export and cashew apple eaten raw, and the rest wasted, because of inadequate facilities to process other cashew derivatives, for example, cashew juice, jam, and ice cream, among others. This means exporting Nigerian jobs to other countries.”

 

 

 

Loading

Advertisements
MTN ADS

Author

  • Justice Godfrey Okamgba
    Justice Godfrey Okamgba

    View all posts
0Shares
Tags: ExportExports to ChinaTrade
Justice Godfrey Okamgba

Justice Godfrey Okamgba

Next Post
NITDA and EU on Elections

NITDA to EU EOM: Nigeria Safeguarding Digital Space to Ensure Successful Elections

Comments 1

  1. Pingback: Nigeria Earned $250m from Cashew Export last year, eyes $500m in 2023 | Agriculture Forum Nigeria

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Recommended

Nigerian Government Responds to IMF, says there Won’t be Food Crisis

Authorities Forge Plans to Combat Inflationary Food Pricing by Sellers

2 years ago
At WWDC25, Apple Plays it Safe with AI, Rolls Out Limited Updates

At WWDC25, Apple Plays it Safe with AI, Rolls Out Limited Updates

2 weeks ago

Popular News

    Connect with us

    • About
    • Advertise
    • Careers
    • Contact Us

    © 2025 TECHECONOMY.

    No Result
    View All Result
    • News
    • Tech
      • DisruptiveTECH
      • ConsumerTech
      • How To
      • TechTAINMENT
    • Business
      • Telecoms
      • Mobility
      • Environment
      • Travel
      • StartUPs
        • Chidiverse
      • TE Insights
      • Security
    • Partners
    • Economy
      • Finance
      • Fintech
      • Digital Assets
      • Personal Finance
      • Insurance
    • Features
      • IndustryINFLUENCERS
      • Guest Writer
      • EventDIARY
      • Editorial
      • Appointment
    • TECHECONOMY TV
    • Apply
    • TBS
    • BusinesSENSE For SMEs

    © 2025 TECHECONOMY.

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    Translate »
    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.