Cashew farmers in Nigeria are working on a four-year plan to earn $650 million annual income from export of the commodity. The country earned $253 million income from cashew exports in 2015.
In order to achieve their target, the farmers intend to cultivate more land with a view to boosting exports to about 500,000 metric tons a year to raise annual earnings to $650 million.
Tola Fasheru, President of the Nigerian Cashew Association, told Bloomberg in an interview, that with about 160,000 hectares (395,000 acres) of land producing about 150,000 tons a year, farmers are seeking to bring an additional 340,000 hectares into cultivation to achieve industry targets. This, according to him, should raise annual export income from the product to at least $650 million from the $253 million earned in 2015.
Nigeria exports more than 80 percent of its cashew output, mostly as raw kernels, with about 60 percent of last year’s shipments going to Vietnam, according to the cashew association. “Virtually all the states in the country have the potential to grow cashew. Our sights are even beyond the 2020 target” as they seek to make cashew one of the country’s biggest exports,” Fasheru said.