One can arguably say that we are missing our opportunity to increase our revenue from the cashew industry. Nigeria, one of the largest cashew nut producers in the world, produces over 270,00 MT annually. Despite this number, there is low-value addition, and Nigeria processes only 10% of the total cashew nuts it produces. That means a whopping 90% of the cashews are sold at low prices in the global market, with China, Vietnam, and India being the top buyers. However, some individuals and companies have already recognized the potential of this industry and are reaping the benefits of their investments.
One of our partners Valency Agro International, one of Nigeria's major cashew processing companies, has seen significant growth and success in recent years. By working with small holder farmers to source high-quality cashews, and investing in state-of-the-art processing equipment, Valency Agro has been able to export large quantities of processed cashews to international markets, generating revenue and creating jobs in the process. Valency Agro cashew processing facility has a processing capacity of over 40MT per day.
The success story of Valency is just one example of the potential that the Nigerian cashew industry holds. According to the International Trade Centre, the global market for processed cashew products is expected to reach $5.2 billion by 2027, presenting a huge opportunity for Nigeria to increase its revenue and boost economic growth.
Cashew are often consumed as a snack. They are also commonly used in cooking and processed into a variety of different products including butter, milk, cheese, flour, and oil which are not usually processed here but sold in Nigeria. This speaks to the low-value addition of the commodity in the country.
With proper investment in processing and manufacturing, we can unlock the full potential of cashew nuts, create jobs, and boost economic growth. With the need to improve in value addition to this commodity, Welcome2Africa International is working with both local and international stakeholders, and agro-industrial zones to improve cashew processing and investments in Nigeria.
Interested delegates can now take advantage of this opportunity by registering at www.welcome2africaint.com/nctm