Many Nigerian entrepreneurs have expressed optimism with the news that the country is expected to record increase in its cashew nut production in coming years due to renewed focus by the government and increasing demand for the commodity across developed countries and Asia.
Speaking with EntrepreNEWS after the disclosure by the Chief Executive Officer of the Nigeria Export Promotion Council, Mr. Segun Awolowo, the entrepreneurs believe the development present an opportunity for them to diversify their business interests.
For Taiwo Ige, who is an ICT startup founder, the news will allow him to try his hand on another line of business, as he has always been fascinated with the idea of agribusiness for sometime.
“I will definitely try it out,” he said.
While sharing this information during a recent workshop on cashew processing and market information system in Lagos, Awolowo said cashew is expected to yield 175,000 metric tonnes at the end of this year’s trading season, up from a yield of 150,000 metric tonnes in 2015.
Awolowo added that recent government’s efforts in the development of additional cashew plantations, distribution of improved seedlings to farmers; enforced good agricultural practices were all going to increase output of cashew nuts in Nigeria by 30 per cent in two years.
Nigeria is rated as the fourth largest producer of cashew nuts in Africa and seventh in the world, with the bulk of its raw cashew nuts and cashew kernels exported to Vietnam and India, respectively.