(Ecofin Agency) - President of National Cashew Association of Nigeria (NCAN) Babatola Faseru said the sector needed a financing of N100 billion (about $503 million) to boost production and generate more foreign currencies.

“Right now, cashew provides a livelihood for over 300,000 families with 175,000 tons of estimated production for the year,” said Babatola Faseru. He added that the country can do better than $253 million export revenues it recorded last year. Indeed, high-yield seed distribution and improvement of mechanization could allow production to reach 500,000 tons by 2020.

Babatola Faseru highlighted that Nigeria is the sixth largest cashew producer worldwide, behind Cote d’Ivoire, India, Vietnam, Tanzania and Guinea Bissau. What the ranking does not reveal is challenges the sector faces namely aging of orchard and producers turning away from cashew as they go toward other crops.

 Aaron Akinocho