FG Plans to Earn $4bn Yearly from Cashew Exports
Adebayo, Trade and Commerce Minister
The federal government is working hard to earn as much as $4 bn annually from cashew exports instead of $450 million , the Minister of Industry, Trade and Investment, Mr. Niyi Adebayo, has said.
Adebayo who spoke on the occasion of the media briefing in respect of the 16th Annual Conference of the African Cashew Alliance at Abuja said the country produces about 260,000 metric tonnes of cashew nuts annually, assuring that the plan is to raise the figure to 500,000 metric tones.
The Minister who was represented by the Permanent Secretary of the Ministry, Dr. Evelyn Ngige said a lot of sensitization is being carried out on the investment opportunities of hosting the event in Nigeria.
The investment opportunities in cashew sub-sector were capable of generating immense wealth and employment for Nigerians, adding that this cuts across the cashew value chain from cultivation, harvesting, processing, storage, and marketing to exporting.
He disclosed that Nigeria currently has 15 active processing plants with capacity to produce 55,750 metric tonnes , adding that other eight inactive plants have the capacity to produce 8,500 metric tones.
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Adebayo who spoke on the occasion of the media briefing in respect of the 16th Annual Conference of the African Cashew Alliance at Abuja said the country produces about 260,000 metric tonnes of cashew nuts annually, assuring that the plan is to raise the figure to 500,000 metric tones.
The Minister who was represented by the Permanent Secretary of the Ministry, Dr. Evelyn Ngige said a lot of sensitization is being carried out on the investment opportunities of hosting the event in Nigeria.
The investment opportunities in cashew sub-sector were capable of generating immense wealth and employment for Nigerians, adding that this cuts across the cashew value chain from cultivation, harvesting, processing, storage, and marketing to exporting.
He disclosed that Nigeria currently has 15 active processing plants with capacity to produce 55,750 metric tonnes , adding that other eight inactive plants have the capacity to produce 8,500 metric tones.
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