Nigeria will be generating annual revenue of N394bn from cashew in the next five years, following a planned increase in the volume of the crop being produced in the country, the Nigerian Export Promotion Council has stated.
The Executive Director and Chief Executive Officer of the NEPC, Mr. Olusegun Awolowo, stated this while presenting a paper at a workshop in Lagos.
Awolowo said the NEPC was embarking on a four-year strategic plan with the United States Agency for International Development to achieve a 20 per cent increase in the production volume of cashew from the current figure of 120,000 tonnes.
According to the NEPC CEO, the increase will be possible through new cashew seedlings made available through joint partnership with the USAID.
The NEPC had last month, in conjunction with the Nigeria Expanded Trade and Transport, signed a Memorandum of Understanding with the USAID aimed at establishing a development partnership for the delivery of technical assistance and capacity building to Nigerian exporters and Business Development service providers.
According to the terms of the MoU, USAID and NEPC are to evolve export development strategies for priority value chains that will result in increased export of agricultural products including cocoa, shea butter, cashew, sesame and processed agricultural products (Read more).