BY GLORIA USMAN, ABUJA – National Cashew Association of Nigeria is set to signed N3.6 billion Memorandum of Understanding (MoU) with foreign Investors in order to Boost cashew production and increase job employment in Nigeria.
President of the Association, Mr Ojo Ajanaku, who stated this at a press conference in Abuja, said that as a prelude, there would be a roundtable conference scheduled to hold on Kogi State as part of the strategic roadmap to bring investors, off-takers and farmers together to signed an Mou of 3.6billion so that to boost cashew production.
He explained that the essence is to see how they can add value to cashew nuts by bringing the investors that are ready to have their presence here in Nigeria to provide the enabling environment through the conference.
Ajanaku further said; “NCAN want to increase annual production of cashew from 50 billion to 220 billion by the year 2020. The targeted investors are local off-takers of which we have about 20 in Nigeria, while targeting about 15 off-takers are from foreign countries.
“Currently, cashew production which is a large sector in Nigeria has not been properly harness over the years. We are hoping that with the coming conference, we would be able to bring farmers, interested banks and intending investors together, from India, Vietnam, Netherland and Germany.”
He noted that at present, the sector contributes about 50 billion annually to the Nigeria economy adding that in the next one year (2020), the association should be able to move from 50 billion to 220 billion on annual basis.
According to Ajanaku; Presently Nigeria is producing over 200,000 metric tons of cashew annually and out of the 100 per cent of cashew that goes out of Nigeria 60 per cent is from Kogi State. The aroma is what the world wants. We have the market place but we need a strategic plan on how to harness it.”
One of the contract farming specialist, Mr Isaac Sunday, while highlighting some of the challenges incurred in cashew production, noted that inadequate lending from the financial institution to farmers, high cost of production, multiple taxation, potential investors, postharvest, harvest and farmers being unable to sell, are of the frustrations owners of cashew in the country are facing..
In his own remarks, the Managing Director, HOMENA, Mr Goodwin Ochiaga said cashew farming can be turned into cash crop so that people can see cashew as money making venture and create wealth.
He said; “We hope that the conference would provide a huge investment opportunity for cashew farmers across the country. It is a way of giving back to the people by solving the problem of poverty rates so that the people don’t have to rely on the government for their livelihood.”
