Leadnaija
Cashew nut export has earned Nigeria N1.90 trillion (around $1.189 billion) in four months.
It was revealed that processed cashew nuts in Vietnam and India was valued at between $6,500 per tonnes, leading to a shortage of $4,000 per tonne for Nigerian exporters whose unprocessed nut are sold between $1,500 and $1,700 per tonne.
A total of $1.1 billion worth of the nuts were exported in the first quarter, according the National Bureau of Statistics (NBS), however, only $89 million cashew nuts were shipped out in May 2025 following stiff competition from other countries.
Findings revealed that Nigeria exported $89.32 million worth of the nuts to Vietnam in May, $89 million as Vietnam have begun formal discussions with the country to deepen trade and investment in the cashew sector, with a focus on boosting local processing and transforming its value chain.
Meanwhile, the National President of the National Cashew Association of Nigeria (NCAN), Dr Ojo Ajanaku, had explained to the Head of Delegation, Ms Nguyen Phuong and other representatives from the Vietnamese Embassy in Abuja in that the association had been working towards signing some contracts, saying they that were hopeful they will be successful.
He added that the initiative would further strengthen Nigeria’s bilateral relationship with Vietnam, noting that foreign investment brings increased commitment and facilitates knowledge sharing.
Ajanaku noted: “With this Joint Trade Committee (JTC) and additional Memoranda of Understanding (MoUs), we believe we can achieve great things for the country and elevate the cashew industry in a way that benefits our stakeholders.
“There is no such thing as technology transfer unless it is bought or stolen. But this time, they are coming to us willingly, which means we will benefit from direct technology transfer. I can say our farmers’ prayers have been answered. They will now be in high demand and valued for the quality of their produce.
“No longer will they be forced to give away their cashew at low prices, it will now command the worth it truly deserves.”
Also, he Ajanaku stressed that Nigeria was fortunate to have the right climate and weather, which enables farmers to grow cashew.
Over 80 per cent of Nigerian cashew nuts output is shipped to Vietnam annually but findings revealed that the global cashew market size was valued at $7.78 billion in 2024 and has been projected to reach $8.14 billion in 2025, growing at an average rate of 4.6 per cent per year.
Nigerian exporters have anticipated to earn N4.2 trillion ($2.64 billion) from cashew nuts export from its major buyers, Vietnam and India in 2025 as price increased by 80.1 per cent in the global market.
However, it was gathered from Vietnam’s General Department of Customs that Cambodia which exported about 760,000 tonnes of cashew nuts and earned $971 million in 2024, has increased production by 39 per cent, leading to 54 per cent increase above the Nigeria’s 350,000 tonnes, whose major exports to Vietnam is 80 per cent.
Recall that price of the nuts rose from $1,300 to $6,560 per tonnes within one year, leading to 80.1 per cent price increase in 2024.
Also, prices for Indian cashews which was $7,990/tonne Freight on Board (FoB) at the beginning of the month, have already risen to $8,015/tonne FoB.
The Vietnam Cashew Association (VINACAS) explained that there were many reasons for the latest price increases, saying that the decline in Vietnamese imports of raw cashew nuts by 10 per cent was the major contribution.
In 2023, VINACAS complained that the shortage of supply was partly due to poorer crops in some West African growing countries, adding that strong competition was also driving up prices.
Also, it stressed that to make matters worse, exchange rate fluctuations and unfavourable weather conditions had driven up production costs considerably and made them difficult to predict.
However, in a move to boost Africa’s cashew production, the African Cashew Alliance (ACA) has partnered with Cambodia on cashew growth and development across the continent.
