Investment opportunities in Cashew Sector in Nigeria Olusegun Awolowo Executive Director/CEO Nigerian Export Promotion Council World Cashew Convention Dubai, UAE February 2016

Outline Introduction –About NEPC –Nigeria: Geography and people –Nigeria: Economic profile –Nigeria Cashew profile Why Cashew and opportunities? Why Invest in Nigeria Conclusion

About NEPC The agency of government solely responsible for the promotion of non oil exports Headquartered in Abuja with 15 Zonal Offices spread across Nigeria Established in 1976 to promote the growth of non-oil exports and to diversify the Nation’s economy Main activities – Product development; Trade Information; Market development; Multi lateral and Bi-lateral Relations; Provision of Incentives; Capacity development Export Business...Tomorrow's Business3

Area of 923,768 km squaredComprised of 36 states and the Federal Capital TerritoryOver 500 Languages spokenMajor languages include: English, Hausa, Yoruba and Igbo Largest city Lagos population 13.4 millionRapidly growing and urbanizing Export Business...Tomorrow's Business4 Nigeria : Geography and people 170 Million People 47% West Africa’s population

Nigeria: Economic profile $510bn GDP - Largest economy in Africa26 th largest economy in the worldNumber One oil producer in Africa14% of GDP is from oil resources90% of all exports is oil10% of all exports is non-oil50% of non-oil exports is made up of agricultural products but there is limited local content addition23% of the economy is from agriculture50% of GDP is made up of Services13% of GDP is from Information and Communication Sector10% of annual GDP is from manufacturing with 12% labour in the formal sector Export Business...Tomorrow's Business5

Nigeria Cashew Profile 10 - among top 10 Raw Cashew nut (RCN) global producing countries 4 th largest producer in Africa after Cote d’Ivoire, Guinea-Bissau and Tanzania 17 out of 36 States in Nigeria grow cashew in commercial quantities. Grows in almost every state. 160,000MT produced in 2015 $253M earned in ,000MT of RCN exported in ,000MT targeted for 2016 Cashew is one of Nigeria’s main agricultural export product

Statistics Cultivated area - 325,000 hectares Average yield per hectare: 0.4MT/ha Commercial farms MT/ha Small holders MT/ha Local processing capacity : 25-30,000MT

Why Cashew?

Why cashew? The cashew industry has several leverage points to grow exports and benefit large numbers of people! Leverage point interventions need to be framed by cross-cutting measures. TODAY quality/food safety 900,000 rural Nigerians grow & collect cashew $80m (N16bn) annual exports $25m (N4.75bn) multiplier effect 1m+ rural Nigerians have additional income, food security 2,500 jobs in processing kernel market linkages training, planting LEVERAGE POINT INTERVENTIONSIMPACT RCN market linkages 20,000 new jobs (70% women) $25m (N4.75bn) additional annual exports processor trader/exporter harvest growing export processing-export incentives/market infomarket development

Cashew Export and Investment Strategy Illustration quality & technical capacity building Goal: increase the cashew industry’s contribution to Nigeria’s non-oil exports processing-export incentives market development market information farm-level support for companies

PlantingProcessing Skills and Capacity Development PackagingTechnology Plant and Machinery Investment Opportunities

Why invest in Nigeria?

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Conclusion Cashew is a very popular agricultural product consumed across the globe in various forms and a major foreign exchange earner Nigeria’s largely untapped production capacity for cashew offers potential consistent high returns Nigeria is focusing on economic diversification which agriculture as major sector Government policies and incentives will support investment in agriculture across value chains Dynamic and energetic workforce is available for the industry.

Thank you Export Business…Tomorrow's Business Export Business...Tomorrow's Business 15