• About
  • Advertise
  • Contact
Friday, May 30, 2025
  • Login
Vital News
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security
No Result
View All Result
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security
No Result
View All Result
Vital News
No Result
View All Result
Home Agriculture/ Water/ Mineral

Nigeria Targets $4bln Annually From Cashew Exports

Vital News by Vital News
September 13, 2022
in Agriculture/ Water/ Mineral
0
Share on FacebookShare on Twitter

By James Emejo

Abuja – Federal Government says it is iworking to improve the country’s earnings from cashew exports to about $4 billion annually.

Nigeria currently generates about $450 million from the export of the commodity which had been described as too low for the country.

Speaking on Monday at a media briefing on the 16th Annual Conference of the African Cashew Alliance holding in Abuja, the Minister of Industry, Trade and Investment, Mr. Niyi Adebayo, also said the country currently produces about 260,000 metric tonnes of cashew nuts annually.

He said that plans were ongoing to raise the annual production capacity to over 500,000 metric tonnes.

RelatedStories

Food Security : Dangote Building Nigeria’s Largest Rice Mill In Niger, Backs Food Initiative

Kogi Shops For N100billion To Revive Greater Lokoja Waterworks

Rainy Season Farming : Farmers In Osun, Ekiti, Ondo, Oyo Lament Labour Shortage, Rising Costs Of Inputs

Kwara Rice Farmers Hail Etsu Patigi’s Leadership At Sixth Anniversary

According to him, out of the current production figure of 260, 000 metric tonnes, 180, 000 metric tonnes are traded as raw cashew nuts.

Represented at the event by the ministry’s Permanent Secretary, Dr. Evelyn Ngige, the minister said the conference would sensitise Nigerians on the investment opportunities that abound in the cashew value chain as well as the benefits accrueable from the hosting of the event in the country.

Adebayo said there was a myriad of investment opportunities in the cashew sub-sector which could generate immense wealth and employment for Nigerians.

He stressed that investment in the sector cuts across the cashew value chain from cultivation, harvesting, processing, storage, and marketing to exporting of either the raw cashew nuts or partially processed products.

The Minister said Nigeria presently, has 15 active processing plants with estimated capacity of 55,750 metric tonnes and eight inactive plants with an estimated capacity of 8,500 metric tonnes.

According to him, new investments are being planned for the development of six new plants, with an estimated capacity of 23, 910 metric tonnes.

Adebayo added that the effort was expected to provide over a million direct and indirect employment for the teeming youths.

The minister also said that cashew production is currently limited to only about 10 states out of the 36 states and the Federal Capital Territory (FCT).

He said since the inception of the present administration, the government has continued to pursue deliberate policies to diversify the economy away from its over-dependence on the oil and gas sector.

The minister said the government had sustained its commitment to the provision of enabling environment and incentives for the development of the cashew value chain.

He explained that these efforts have enhanced activities in the sub-sector, resulting in an increase in the commodity’s production in the country.

However, President, African Cashew Alliance (ACA), Mr. Tola Faseru, said investment in the sector remained critical for economic diversification.

He said the sub-sector could help the country earn the much-needed foreign exchange, and create the much-desired employment opportunities.

Faseru said Nigeria must change the narrative by adding value to its raw cashew exports in order to benefit significantly from the activities, adding that the conference, which has over 30 countries from around the world participating, will hopefully stop job exports to other countries.

Previous Post

Nine Royal Families Ask Oyo Govt To Halt Selection Process Of New Alaafin

Next Post

2023 : Be Wary Of Antics Of Politicians , Abiodun Alerts Judiciary

Vital News

Vital News

RelatedStories

Food Security : Dangote Building Nigeria’s Largest Rice Mill In Niger, Backs Food Initiative
Agriculture/ Water/ Mineral

Food Security : Dangote Building Nigeria’s Largest Rice Mill In Niger, Backs Food Initiative

May 23, 2025
Ododo, Minister, Other Stakeholders Laud Kogi’s Groundbreaking Annual Media Repor
Agriculture/ Water/ Mineral

Kogi Shops For N100billion To Revive Greater Lokoja Waterworks

May 17, 2025
Rainy Season Farming : Farmers In Osun, Ekiti, Ondo, Oyo Lament Labour Shortage, Rising Costs Of Inputs
Agriculture/ Water/ Mineral

Rainy Season Farming : Farmers In Osun, Ekiti, Ondo, Oyo Lament Labour Shortage, Rising Costs Of Inputs

May 6, 2025
Kwara Rice Farmers Hail Etsu Patigi’s Leadership At Sixth Anniversary
Agriculture/ Water/ Mineral

Kwara Rice Farmers Hail Etsu Patigi’s Leadership At Sixth Anniversary

May 6, 2025
Kogi Diversifies Economy, Acquires 15 Mining Rights, Ododo Unveils Equipment
Agriculture/ Water/ Mineral

Kogi Diversifies Economy, Acquires 15 Mining Rights, Ododo Unveils Equipment

April 12, 2025
Next Post

2023 : Be Wary Of Antics Of Politicians , Abiodun Alerts Judiciary

Kogi Seals Off First Bank Branches Over N411m Tax Default

Kippa Announces $8.4mln In Funding For Merchants On Its Platform In Nigeria

Leave a Reply Cancel reply

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

Follow Us

Recommended

Ndukuba, Anglican Primate calls for collective action to tackle killings, insecurity

3 years ago

N19bln fraud : Appeal Court affirms sentence on Nwosu , Ex-FinBank MD

3 years ago
Kogi L-PRES Co-ordinator, Dr Bolarin Felicitates With Ododo On Guber Poll Victory, Pledges Loyalty

Ododo Celebrates Super Eagles Win Over Bafana Bafana, Urges Them To Go For Gold

1 year ago
How Lagos Deputy Commissioner Of Police, Olugbemi Committed Suicide

How Lagos Deputy Commissioner Of Police, Olugbemi Committed Suicide

1 year ago

Instagram

    Please install/update and activate JNews Instagram plugin.

Categories

  • Agriculture/ Water/ Mineral
  • Aviation
  • Business
  • Crime
  • Culture
  • Economy
  • Education
  • Entertainment
  • Environment
  • Football
  • Foreign
  • Gender
  • Health
  • Judiciary
  • Labour
  • National
  • News
  • Oil & Gas
  • Opinion
  • Opinion
  • Politics
  • Power
  • Religion
  • Security
  • Sports
  • Transport
  • Uncategorized

Topics

Abiodun Abuja APC arrest Atiku Bandits Bello Benue Buhari CBN Court Dangote death drugs Economy EFCC Election elections FG Fraud gunmen Hajj INEC Kano kidnap Kill Kogi Kwara Lagos NDLEA Niger Nigeria Ododo Ogun Oyo PDP Police Power refinery rescue road Security Senate students Tinubu
No Result
View All Result

Highlights

Midterm Performance : Taraba State Rated Least In IGR, Good Governance

School Wall Collapses On Students Writing WAEC In Taraba

Army Armourer, 17 Other Soldiers, 15 Mobile Police Officers, Traditional Ruler Arrested For Selling Arms To Criminals

Islamic Cleric To Die By Hanging For Killing, Stealing N300,000 From Client In Osun

Emefiele Drags FG To Appeal Court Over Forfeiture Of 753 Units Of Houses In Abuja Estate

NDLEA Arrests Two Pilgrims Heading To Saudi Arabia With Cocaine

Trending

21 Die, 10 Missing In Niger Flood Disaster
Environment

21 Die, 10 Missing In Niger Flood Disaster

by Vital News
May 29, 2025
0

The Niger State Emergency Management Agency (NSEMA) has confirmed the death of 21 persons in massive floods...

Sidi Ould Tah Elected New President Of AfDB

Sidi Ould Tah Elected New President Of AfDB

May 29, 2025
President Tinubu Appoints Former Speaker, Yakubu Dogara As Chairman Of NCGC

President Tinubu Appoints Former Speaker, Yakubu Dogara As Chairman Of NCGC

May 29, 2025
Midterm Performance : Taraba State Rated Least In IGR, Good Governance

Midterm Performance : Taraba State Rated Least In IGR, Good Governance

May 29, 2025
School Wall Collapses On Students Writing WAEC In Taraba

School Wall Collapses On Students Writing WAEC In Taraba

May 29, 2025
ADVERTISEMENT
Vital News

Vital News is an online newspaper with a mission to uphold professional journalism by reporting and publishing only facts and figures-based news reports across Nigeria and beyond.

Recent News

  • 21 Die, 10 Missing In Niger Flood Disaster May 29, 2025
  • Sidi Ould Tah Elected New President Of AfDB May 29, 2025
  • President Tinubu Appoints Former Speaker, Yakubu Dogara As Chairman Of NCGC May 29, 2025

Categories

  • Agriculture/ Water/ Mineral
  • Aviation
  • Business
  • Crime
  • Culture
  • Economy
  • Education
  • Entertainment
  • Environment
  • Football
  • Foreign
  • Gender
  • Health
  • Judiciary
  • Labour
  • National
  • News
  • Oil & Gas
  • Opinion
  • Opinion
  • Politics
  • Power
  • Religion
  • Security
  • Sports
  • Transport
  • Uncategorized

© 2022 Vital News - . All Rights Reserved.

No Result
View All Result
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security

© 2022 Vital News - Vital News by Vital News.

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