ABUJA- AS the non-oil exports take the front burner for foreign exchange, the National President, National Cashew Association of Nigeria, NCAN, Dr Ojo Ajanaku, weekend, asserted that if the Federal Government expedites action on the National Cashew Policy, Nigeria stands to earn over N50 billion annually.
Speaking with Vanguard in an interview, Ajanaku said the policy is what will unlock the cashew industry as a major cash crop that would boost Nigeria’s export’s trade and generate foreign exchange for the country, and also attract big time investors within and outside the country if the policy is given the desired attention.
According to him, the cashew policy has been there for three years, and it has been deliberately slowed down due to several interests that had wanted to knock it out, and also added that they are looking at it holistically for acceptance by all, even though there is going to be a compromise from one side or the other in order for all the sectors to be strong and standing.
Meanwhile, he expressed optimism that in the near future Nigeria will also import raw cashew nuts from neighbouring African countries for processing if the cashew policy is prioritized by the government.
He said: “Cashew production is highly capital intensive. Now, without the government’s intervention in this value chain in terms of not giving some kind of incentives, we might not be able to harness the potential in the cashew industry.
“We have actually gotten to the peak of it, and we are believing that before the end of the year, like I said, it will be formally announced by the Federal Government of Nigeria.
“The cashew kernel alone has a lot of potential to spin huge foreign exchange for Nigeria because of the growth of vegetarians across the world, especially in the GCC. But when you look at the by-products, like the cashew nut, cashew liquid, the cashew oil, the cashew butter, the cashew wine, the cashew spirit, all sorts of products are in cashew. We call cashew a zero-waste tree, if everything in it is potentially vast, Nigeria’s cashew will be a force to reckon with.
“So we are begging the Federal Government of Nigeria that at the time we bring this policy to them, they should quickly look at it and give it a pass, and invest in this sector. So if they invest, for example, they invest just N5 billion in the Nigerian cashew industry, that is going to give them over N50 billion as a return, if they look critically at it. So my plea and my message to our leader and our father is to please pay attention to the Nigerian cashew industry because of its potential.
“Take for instance, Vietnam, there are so many things that the government of the day is doing for them, that is helping them to do what they are doing. Vietnam has been the world’s largest exporter of cashew nuts for over 18 consecutive years, accounting for over 80 per cent of the global export volume. To achieve this, Vietnam has purchased up to 98 per cent of raw cashew nuts from the neighbouring country, Cambodia. They are the largest cashew processor in the world because of their government’s intervention.
Courtesy: Vanguard News
FG’s action on cashew policy‘ll earn Nigeria over N50bn annually – Dr Ajanaku – Vanguard News