Stakeholders in the cashew industry have lamented that the country is not maximising the potential of the crop due to low processing, high interest rate and high cost of seedlings and aging trees.

They said these factors have affected Nigeria’s in terms of job creation and revenue generation.

Nigeria with production estimated at 350,000 metric tons annually is the fourth largest grower of cashew nuts in Africa and sixth globally, currently processes less than 10 percent of its cashew nuts.

The stakeholders spoke at the third edition of Nigeria Cashew Day with the theme; ‘Catalysing Sustainability in Nigeria Cashew Industry’ in Lagos.

Dr. Ojo Ajanaku, National President, National Cashew Association of Nigeria (NCAN) said that Nigeria had lost its place in the comity of cashew producing nations when it moved from first position on the continent to fourth position.

According to him, “If we don’t encourage processing, there will be no full market for farmers to benefit. We are looking at a policy that will favour processing in the country and encourage farmers to grow more cashew,” he said.

“Processing is highly capital intensive. Cashew harvest lasts for just three months yearly and processors will have to buy and stock what they need for processing all through the year and this is highly capital intensive.

He commended the government for creating the domestic export warehouses to lessen the burden of interest on processors, while also calling on the government to critically look into expanding the cashew industry, as it will benefit the economy in general.

https://independent.ng/cashew-industry-stakeholders-decry-underutilization-amid-low-processing-high-costs/