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Nigeria Govt targets $500m revenue from cashew export in 2023

3rd from left: The Executive Director/CEO of Nigerian Export Promotion Council (NEPC) Dr Ezra Yakusak with stakeholders at the inauguration of the organic cashew certification programme in Nigeria for export on Thursday in Abuja.

The Nigerian Export Promotion Council (NEPC) on Thursday in Abuja, reiterated the Federal Government’s commitment to increase cashew export earnings from 252 million dollars to 500 million dollars in 2023.

The Executive Director/CEO of NEPC, Dr Ezra Yakusak said this at the inauguration of the organic cashew certification programme in Nigeria for export.

The News Agency of Nigeria (NAN) reports that the five-year programme between NEPC, Nicert, Valency Limited and PRO-Cashew is designed to accelerate growth in the non-oil export sector by supporting the Nigeria cashew sector.

He said that the initiative would facilitate a gradual shift from conventional cashew to organic ones which export guarantees niche market and premium pricing.

According to Yakusak the aim of the project is to support the Nigeria cashew sector and increase cashew productivity and efficiency, improve crop quality and improve harvest and post -harvest techniques.

While noting that Nigeria exported 315,677 metric tonnes of raw cashew nuts worth 252 million dollars, which accounts for 5.24 per cent of Nigeria’s non-oil export portfolio in 2022, Yakusak said there was the need for value-addition.

“In 2022, our non-oil performance export performance indicated that cashew was the 5th leading non–oil exportable product in Nigeria.

“We felt that we need to encourage this product and ensure that the potential from cashew is better harnessed.

“We exported cashew worth about 252 million dollars in 2022 and with the launch of the project we hope to double it this year,’’ Yakusak said.

He, however, expressed concern that the full economic potential inherent in cashew export had not been harnessed, despite the product being 5th leading non-oil exportable product in Nigeria in 2022.

Yakusak said that the initiative would address issues plaguing the Nigeria cashew sector.

According to him, Nigeria’s cashew export trade was largely hampered by non-adherence to food safety standards, lack of traceability, low yield per hectare, poor practices, ageing trees among others.

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Written by Tom Chiahemen

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