The president of the National Cashew Association of Nigeria, Ojo Ajanaku, has expressed concern over the significant decline in Nigeria’s cashew production, describing it as a missed economic opportunity for the nation. Speaking at a press briefing in Abuja on Monday ahead of the 2025 Cashew Day, Ajanaku revealed that Nigeria, once Africa’s leading cashew producer, has drastically dropped in the global rankings. He called for urgent measures to revive the sector and harness its vast economic potential. Ajanaku said, “Cashew has great potential. The economic value of cashews globally is currently valued at $7.8 billion, and it is projected to grow to approximately $11 billion next year. Africa is the largest producer of cashews, and Nigeria has the capacity to be the highest producer.” “Nigeria was once the leading producer of cashews, but we have significantly dropped in ranking. This conference provides an opportunity to explore ways to restore our production capacity and achieve the economic benefits we should be reaping.” He further stated that if Nigeria could produce 2 million tonnes of cashew annually, even without adding value to the raw material, the country could generate approximately $2.4 billion. Ajanaku added, “With current market prices of $1,700 per tonne, this could translate to as much as $3.7 billion in revenue.” “For instance, if Nigeria produces 2 million tonnes of cashew annually and sells only the raw material without adding value, we could generate $2.4 billion. At the current market price of $1,700 per tonne, this could lead to about $3.7 billion in potential revenue for Nigeria’s economy.” He emphasised that cashew has enormous untapped potential and believes this conference will highlight its value and benefits. Regarding collaboration, the National Cashew Association of Nigeria serves as the umbrella body engaging with the federal government and various agencies, including the Ministry of Agriculture and the Ministry of Industry, Trade, and Investment. Ajanaku also stated that the cashew industry currently employs over 1 million people. He added that with increased production, the sector could significantly reduce unemployment and poverty. He said, “The cashew industry in Nigeria currently provides direct jobs to over 1 million people and indirectly impacts over 5 million individuals. If we increase production, the potential for job creation is enormous.” “For instance, farming one hectare of cashew requires at least five workers. If we scale up to produce 2 million tonnes of cashew, imagine the number of jobs we would create. Currently, one hectare of cashew farmland yields approximately 650–700 kg, which highlights its capacity for economic transformation.” “When value addition is introduced, even more jobs are created. For example, a factory processing 100 tonnes of cashew daily would require at least 800 workers, even with automation. Beyond direct employment, indirect jobs would flourish as well, including transporters, food vendors, and other support services around such facilities.”