Nigerian have recorded 81 per cent increase in exports of raw cashew nuts within the first six months of 2025, following improvement in production.
Comparing the non-oil export product to what was recorded in the same period of 2024, only raw cashew nuts valued at $219.78 million were shipped out of the country to Vietnam and other destinations, while $398.14 million of nuts were exported in the first half year of 2025 as the country targets an output of 400,000 tonnes of the nuts as against the 300,000 tonnes produced in 2024.
In 2024, total exports of the nuts was $480 million, making exporters to earned about N1 trillion ($878.14 million) from cashew nuts shipment in the last 18 months to Vietnam, India and United States between January 2024 to June 2025. In 2024, total export was valued at $480 million, while exports, reaching $398.135 million in the first half of 2025, following surge in the export of the commodity from Nigeria in the global market.
The global cashew industry has witnessed robust growth, fueled by rising demand for cashew nuts and kernels in health-conscious markets across Europe, North America, and Asia. 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.
In 2025, Nigerian exporters have anticipated to earn N4.2 trillion ($2.64 billion) from cashew nuts export from its major buyers, Vietnam and India as price increased by 80.1 per cent in the global market. In May, Nigeria exported $89.32 million worth of the nuts to Vietnam, $89 million as Vietnam begun formal discussions with the Nigeria to deepen trade and investment in the cashew sector, with a focus on boosting local processing and transforming its value chain.
Recall that 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.” 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 300,000 tonnes, whose major exports to Vietnam is 80 per cent.
It was revealed that the 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.
𝗙𝗼𝗹𝗹𝗼𝘄 𝗢𝘂𝗿 𝗪𝗵𝗮𝘁𝘀𝗔𝗽𝗽 𝗖𝗵𝗮𝗻𝗻𝗲𝗹 𝗧𝗼 𝗚𝗲𝘁 𝗟𝗮𝘁𝗲𝘀𝘁 𝗡𝗲𝘄𝘀 𝗔𝘀 𝗜𝘁'𝘀 𝗗𝗿𝗼𝗽!
