Abuja: Nigeria and Vietnam have begun formal discussions to deepen trade and investment in the cashew sector, with a focus on boosting local processing and transforming its value chain. The National President of the National Cashew Association of Nigeria (NCAN), Dr. Ojo Ajanaku, stated this in Abuja following a closed-door meeting with the Head of Delegation, Ms. Nguyen Phuong, and other representatives from the Vietnamese Embassy.
According to News Agency of Nigeria, Dr. Ajanaku emphasized that the initiative would further strengthen Nigeria’s bilateral relationship with Vietnam, noting that foreign investment brings increased commitment and facilitates knowledge sharing. ‘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.
Ajanaku added that the bulk of cashew processing would now be carried out locally, eliminating 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,’ he stated.
He also highlighted the uniqueness of cashew as a commodity, pointing out that not all countries have the favorable conditions required for its production. ‘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 added.
The News Agency of Nigeria reports that Vietnam is a key player in the global cashew market, ranked among the top producers worldwide. Nigeria is a leading supplier of raw cashew nuts to the Southeast Asian country over the years.