Nigeria and Vietnam have officially initiated discussions to enhance trade and investment in the cashew sector, with a focus on boosting local processing and developing the industry’s value chain.

The announcement was made by Dr. Ojo Ajanaku, the National President of the National Cashew Association of Nigeria (NCAN), during a press briefing in Abuja on Wednesday.

The discussions followed a closed-door meeting between Ajanaku, Ms. Nguyen Phuong, the Head of Delegation, and other representatives from the Vietnamese Embassy.

“We have been working towards signing some contracts, and we are hopeful they will be successful,” Ajanaku stated.

“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.”

The collaboration is expected to strengthen Nigeria’s relationship with Vietnam, with Ajanaku highlighting the importance of foreign investment in fostering knowledge sharing and commitment.

“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,” he explained.

A significant outcome of the partnership will be the local processing of cashews, reducing the need to export raw cashew nuts for processing abroad.

“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,” Ajanaku added.

Ajanaku also underscored Nigeria’s unique advantage in cashew production, attributing the country’s success to its favorable climate and weather conditions.

“Nigeria is fortunate to have the right climate and weather, which enables us to grow cashew.

I say congratulations to our farmers; they should continue to support this initiative and pray for its full realization,” he said.

Vietnam, one of the top global players in the cashew market, has been a significant importer of raw cashew nuts from Nigeria.

As Nigeria continues to expand its role in the global cashew industry, production is steadily rising, with an average annual increase of 5%.

Projections suggest that by 2030, Nigeria’s cashew production will reach 300,000 metric tonnes.