ABUJA, Sept. 13 (Xinhua) -- Nigeria plans to raise its annual production capacity of cashew nuts by at least 240,000 metric tons to meet a new target of 500,000 metric tons per annum, the government said Tuesday.
Minister of Industry, Trade, and Investment Adeniyi Adebayo said in a statement that the new target would ensure the processing of not less than 50 percent of its total production annually, which currently stands at 260,000 metric tons.
With the new plan in place, Adebayo said there are huge investment opportunities in the sub-sector, adding that there was the need for value addition in the cashew value chain to grow the economy of Africa's most populous country.
The official said Nigeria aims to achieve the plan in the next few years, urging investors to tap into the sub-sector with a view to exploring the benefits it provides.
According to the minister, the Nigerian government had already put in place incentives to encourage investments in the sub-sector to thrive.
"This is, therefore, a call for actors, both local and international players, to take advantage of these incentives to invest as Nigeria remains the ultimate investment destination for investors in the cashew sub-sector," Adebayo said.
The Nigerian official stressed the only way to enhance the contributions of cashew to the national economy is by transforming raw cashew nuts, adding that this would ensure sustainable development of the sector, create new markets for new products, create employment and generate wealth for the citizenry. ■