The United States Department of Agriculture on Monday disclosed its plans to partner with Nigeria in cashew processing, creating 4,500 jobs in the process.
This was disclosed during the 16th annual conference of the African Cashew Alliance in Abuja, the event was held between the 12th to 15th of September.
As gathered, the conference was initiated to harness the economic benefits of Cashew in Nigeria by spurring collaboration between stakeholders in the nation’s cashew processing sector.
The week-long conference was attended by the U.S. Embassy in Lagos, ISF Advisors, Nigerian Cashew Processors, members of the Prosper Cashew Project and the investment community.
Speaking during the event, a top executive of Prosper Cashew, Krishanu Chakravarty said, ” Nigeria has enormous potential to grow its cashew processing sector, create high-quality jobs and economic activity right here in the country”
He also revealed that the”Prosper Cashew Project” was an exciting step in realizing the immense economic potential that comes from the cashew processing industry.
It is expected that the project over the next five-year will create more than 4,500 new jobs, and facilitate $61 million of investment in the Cashew industry.
Also, support processors are projected to sell more than $200 million of Cashew products into the domestic, regional and international markets.
The project is expected to be funded by the United States Department of Agriculture, Food for Progress and implemented by TechnoServe.