According to the Nigerian media reported on August 10: the Nigerian National Cashew Association announced its domestic cashew industry through domestic and foreign trade, the current economic value of up to 24 billion naira, a total of 150 million US dollars. Nonetheless, Nigeria's local cashew market has not been fully exploited.
According to reports, the Nigeria Cashew Association, the main person in charge of the Ministry of Publicity, said Anga Sotonye, the Federal Government in Nigeria more encouragement and support of the Nigeria cashew industry to create economic value may be more. The official said that the current cashew nut crops in Nigeria are facing the danger of disappearing, most of the cashew trees are eventually reduced to wood, charcoal. Some growers in Nigeria have cut down many cashew trees to grow other more profitable crops. If the cashew industry in Nigeria continues to develop in this trend, one day there will be no planting of cashew nuts in Nigeria. Nigeria is currently the fourth-largest cashew cultivation base in Africa, and Nigeria could become the largest cashew cultivation base in Africa if the industry receives more attention.
Nigerian cashew nuts Association, the main person in charge of the Ministry of Publicity said Anga Sotonye, Nigeria each fall can produce about 120,000 tons of cashew nuts, and 95% of cashew nuts are for export. The official suggested that the Nigerian government should increase investment in the cashew processing sector as the cashew processing sector would add additional economic value to the cashew industry as a whole and call for an expansion of cashew crop cultivation.
"We will have to grow 300,000 new cashew trees with higher yields in the 2013-2014 fiscal year to gradually replace aging cashews and to use sacks after harvesting cashews," the official said. In order to maintain the quality of the cashew nuts and the integrity of the primary products, which in turn will create more job opportunities in Nigeria and, to a certain extent, protect the market. "In addition, Nigerian domestic consumers often pay the imported nuts to retailers higher prices, which fully shows that the domestic market in Nigeria has not been fully developed. "So why Nigeria importing processed cashew nuts from foreign markets?" Nigeria still have big potential about developing cashew nuts market. They still need more euqipment to help them to process cashew nuts in futher development.