• Tuesday, July 16, 2024
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BusinessDay

Cashew export seen generating $500M profit in 2023

FG moves to boost FX earnings from cashew, trains farmers in Imo

The Nigerian Export Promotion Council (NEPC) is looking to achieve over $500 million in profit from the export of cashew and cashew products in 2023 following the launch of the organic Cashew Certification program for Exports.

Speaking at the launch of the program in Abuja on Thursday, Ezra Yakusak, Chief Executive Officer, NEPC, said data shows that last year cashew was the fifth top non-oil export and this project is important to ensure that the potentials of cashew are fully harnessed.

“In 2022, we exported cashew worth $252 million with the launch of this project we hope to double it and maybe hit $500 million and it will increase in subsequent years; by end of this year or next year, we will see the benefit of this project in the cashew value chain,” he said.

Yakusak added that this project aims to discourage export of raw cashew and encourage value addition across the cashew value chain noting that if this project is gotten right, it will generate more FX for the country, create jobs and drive industrialisation.

He said the launch is important because there is going to be an increase in the production of cashew not in the conventional way but in the organic way adding that there is more premium pricing on organic products that can generate more foreign exchange

“Amid challenges related to climate change and environmental degradation, it is critical to adopt sustainable practices that minimize harm to the planet and support local communities; while also creating a healthier and more resilient food system,” he said.

In his remarks, Oloruntoyin Olorunfemi, country representative, PRO Cashew Nigeria said globally there has been growing concerns around the production, processing and distribution of food items especially with the use of plastics and chemicals.

“This program is imperative for our survival; we hope ot will produce the desired result of increasing certified organic cashew, creating an enabling environment to get certified improve farmer’s income and putting Nigeria at the forefront in the international market,” he said.