<p></p><p>President of the National Cashew Association of Nigeria (NCAN), Pastor Babatola Faseru has said that the Nigerian cashew nut industry is in need of N100 billion to boost production and subsequently increase foreign exchange earnings. <br></p> <p>He recommended providing high-yielding seedlings to farmers and offering mechanisation support. Right now, he said, cashew provides a livelihood for over 300,000 families with 175,000 tons of estimated production for the year. <br></p> <p>The association’s cashew value programme, that targets raising the value of exports, promoting consumption both in the domestic and foreign markets and build brands for the country’s cashew products, will be implemented this year to 2020. It is aiming to produce 500,000 tons of the nuts. <br></p> <p>Referring to the export performance of the industry, he pointed out that the foreign exchange earned by the country through cashew kernels, cashew nut shell liquid and allied products last year was put at $253 million. <br></p> <p>According to him, Nigeria is the sixth largest cashew producer after Cote d’Ivoire, India, Vietnam, Tanzania and Guinea Bissau. <br></p> <p>He said, however, that the cashew industry has many challenges, which are threatening its development. Ageing trees and abnormal weather patterns have decreased yields, and many growers prefer other crops for higher profits, which has reduced the area under the nut. <br></p> <p>(1 Nigerian Naira=0.0050 USD)<br></p><p></p>