<p>FINANCING for the cashew value chain development appeared settled going by the discussions two banks held with stakeholders in Lagos. The banks: Nigerian Export Import Bank, NEXIM and Ecobank Plc. Both banks pledged to intervene in the cashew sector to enable the stakeholder have access to finance so that they would be able to grow the sector.</p> <p>In a keynote address by Managing Director of NEXIM, Mr. Robert Orya at the forum, he noted that Nigeria, the world’s 6th largest producer of cashew, with annual production of about 120,000 tons, will be a good employer of labour if properly harnessed.</p> <p>Represented by Rev. Ifeanyi C. Nwade, he said that his bank, NEXIM has disburst a total of $50 million to the cashew sector from 2002 till date, adding that they spent not less than N1 billion on cashew and promised that they were willing to spend more on the commodity.</p> <p>The cashew industry, according to the NEXIM boss also provides about 600,000 jobs and a total annual trade worth N24 billion, making the sector a major contributor to Nigeria’s non-oil GDP.</p> <p>Orya said that the Nigerian cashew industry has continued to operate below its potentials, explaining that the industry is challenged with a myriad of problems ranging from old/low yielding plantations to inadequate processing facilities and low level of access to finance. He said the inability of Nigerian local producers to process their products has meant that about 95 per cent of the annual production is exported as raw commodities with attendant low prices and inability of producers and exporters to receive commensurate reward for their efforts, he said.</p> <p>This also, according to the NEXIM boss has economy-wide implications for increased export revenue, development of the industry and increased job creation in line with the transformation agenda of the federal government.</p> <p>To address some of these challenges, the Nigerian-Export Import Bank in collaboration with the African Cashew Alliance, and the USAID West African Trade Hub launched the Nigerian Cashew Cluster Finance Scheme in 2012, through which NEXIM disbursed about N150 million under the pilot scheme and has cumulatively disbursed about N1billion to date to the sub-sector.</p> <p>He challenged the stakeholders to present quality applications, supported by good business plans and off-take arrangements to facilitate increased funding intervention to the sector, especially towards enhancing value-added processing, reiterating the commitment of the bank to the growth and development of the cashew industry.</p> <p>But Ecobank advised the stakeholders to make themselves attractive and bankable before approaching a bank to access fund.</p> <p>Earlier in his opening remarks, President of National Cashew Association of Nigeria, NCAN, Mr. Tola Faseru said that Nigeria produces 2,000,000 metric tons of cashew annually.</p> <p> </p>