The National Cashew Association of Nigeria (NCAN) has said the yearly production of cashew in the country has hit 120,000 tonnes.

The group also reiterated the need to properly fund the cashew industry to ensure value addition and increased exportation.

In a statement signed by the National Secretary of the association, Mr Sotonye Anga, it said: “Cashew in Nigeria provides livelihood for over 300,000 families in the country, with annual production put at 120,000 tonnes.

“Unlocking financing to the cashew sector means creating more jobs for our people, reducing poverty and ensuring increased exports of cashew and will encourage value addition to raw cashew.

“NCAN cashew financing forum is leveraging on the Nigerian cashew cluster finance scheme which was signed during the 2012 annual National cashew season flag off in Ilorin, Kwara State.”

Anga, who is also the Chairman of the Local Organising Committee (LOC) of the event, noted that more funds were required to grow the sector.

He stressed that cashew traders, exporters, farmers, processors and others across the value chain, needed access to financing to be able to grow their businesses.

“With this, traders, exporters, farmers, cashew processors and other stakeholders across the value chain will be able to access financing at a pocket friendly rate to improve their cashew businesses,” he said.