How Domena Africa is Driving Nigeria’s Agricultural Renaissance through the Promise of Cashew Exports – THISDAYLIVE

As Nigeria grapples with the urgent task of diversifying its economy away from oil, agriculture is once again emerging as a viable frontier for inclusive growth and foreign exchange generation. Yet, the country’s agricultural sector has long suffered from structural inefficiencies, underinvestment, and an over-dependence on the export of unprocessed commodities. To fill this lacuna, Chiemelie Ezeobi writes that the recent export of three 40-foot containers of premium-grade raw cashew nuts to Vietnam by Domena Africa, a subsidiary of Moneda Invest Africa, offers more than a glimpse of commercial activity as it represents a broader signal that Nigerian agribusinesses can compete globally, drive rural transformation, and capture greater value through strategic participation in international commodity markets

Agriculture has long been a cornerstone of Nigeria’s economy, not only for food production but also as a vehicle for social inclusion, rural development, and economic diversification. However, decades of underinvestment, over-reliance on oil revenues, and an extractive export model have hindered the sector’s transformative potential.

Despite its vast arable land and millions of engaged smallholder farmers, Nigeria continues to struggle with unlocking the full benefits of agriculture. According to the Food and Agriculture Organisation (FAO), less than 10 per cent of Nigeria’s agricultural output is processed locally. This structural limitation has stunted the sector’s ability to generate robust foreign exchange (FX) earnings, limited job creation, and entrenched rural poverty.

While policy conversations around diversification and self-sufficiency are recurring, the reality is that the country’s agricultural export performance remains heavily weighted towards raw commodities. The result is a cycle of low value capture, vulnerability to global price shocks, and limited innovation in the agro-industrial sector.

Cashew: A Crop of Opportunity

Amid these challenges, cashew presents a compelling opportunity. Nigeria is the fourth-largest producer of raw cashew nuts globally, with an estimated output exceeding 350,000 metric tons annually, according to the International Trade Centre (ITC). The crop is cultivated in several states including Kogi, Kwara, Oyo, and parts of the North Central and South West regions, where the climate and soil are naturally suited for its production.

Yet, despite its high yield and export potential, only a small fraction of Nigeria’s cashew output is processed domestically. In 2023, the country earned approximately USD 351.6 million from raw cashew exports, with Vietnam and India serving as the primary destinations. This figure, while significant in its own right, remains modest within the broader FX landscape, especially considering the potential value addition that processing and branding could bring.

The global demand for cashew nuts continues to rise, driven by shifting consumer trends toward healthier snacking and plant-based products. However, Nigeria has yet to effectively position itself beyond being a supplier of raw nuts. The opportunity lies not just in increased production, but in evolving from a bulk exporter to a key processor and brand owner in the global cashew economy.

Domena Africa’s Strategic Entry

Against this backdrop, Domena Africa, a subsidiary of Moneda Invest Africa, recently made a notable entry into the global commodity trade with the export of three 40-foot containers of premium-grade raw cashew to Vietnam. While the volume may appear modest, the transaction is symbolically powerful. For the company, it reflects a growing ambition among Nigerian agribusiness firms to move beyond fragmented, informal trade practices and plug directly into international value chains.

This milestone is not about scale; it is about signalling viability. Domena Africa’s export demonstrates that indigenous companies can meet international standards, aggregate quality supply, and deliver traceable, transparent transactions that global buyers demand. It is a validation of the fact that with the right model and execution, Nigerian firms can play competitively on the world stage.

The company’s model is built around smallholder engagement, gender inclusion, training, and market access, key pillars that align with sustainable development and economic equity goals. By connecting rural farmers to premium-paying global markets, Domena not only enhances incomes at the base of the pyramid but also lays the groundwork for scalable value addition in the future.

The Jobs and Value Chain Dimension

The significance of this model becomes clearer when viewed through the lens of job creation and rural development. According to findings by the World Bank, every 1,000 tons of cashew processing capacity can generate up to 200 jobs, most of them in rural communities and many of them for women. This potential makes the crop a tool for inclusive growth, especially in regions grappling with underemployment and youth migration.

Cashew processing also helps retain more value domestically. Instead of exporting raw produce at minimal margins, processing enables firms to tap into multiple revenue streams, from kernels to shells, which can be used in biofuels and other industries. However, scaling such processing capacity requires sustained investments in machinery, technical expertise, and reliable energy, all areas where Nigeria still faces gaps and Domena is inching to fill.

The FX and Policy Imperative

Domena Africa’s entry into the global market also arrives at a critical time for Nigeria’s macroeconomic stability. With FX reserves under pressure and the naira experiencing persistent volatility, there is growing consensus that Nigeria must identify and support sectors that offer long-term FX inflows and insulation from oil market shocks.

Agriculture’s contribution to FX inflows remains disappointingly low. According to the Central Bank of Nigeria (CBN), agriculture accounted for less than five per cent of total FX inflows in 2023. This underperformance underscores the need for agro-industrialisation, the transformation of agriculture from a subsistence activity to an export-driven, value-added sector.

Export-oriented agribusinesses like Domena Africa provide a path forward. They offer a tangible response to the call for economic diversification and present proof that FX can be earned not just through oil, but through high-quality, non-oil exports.

Global Market Dynamics and Demand Trends

The broader global cashew market provides even more encouragement. The International Nut and Dried Fruit Council (INC) projects annual demand growth of 4–6 per cent through 2028. This demand is being fuelled by rising interest in plant-based protein, dairy alternatives, and healthy snacks, trends that are especially pronounced in health-conscious markets across Europe, North America, and Asia.

Nigeria, by virtue of its climate, labour base, and production capacity, is well-positioned to tap into this growing demand, provided the enabling infrastructure, policy support, and financing mechanisms are in place.

Currently, much of Nigeria’s cashew is exported in raw form and further processed abroad, where most of the value is captured. Reversing this trend will require intentional investments in processing facilities, better storage systems, and efficient logistics chains that can move products from farm to port without compromising quality.

Signal to Investors and Policymakers

Domena Africa’s export should be viewed not merely as a transaction, but as a signal, a message to investors, policymakers, and development financiers that Nigeria’s agricultural potential can be unlocked when the right models are backed. It shows that indigenous firms, when equipped with knowledge, market access, and capital, can deliver to global standards and play a central role in repositioning agriculture as a viable export engine.

While the company’s current focus is on raw exports, its leadership has made it clear that the next phase is local processing and branding. This evolution will not only deepen value capture but also drive employment, stimulate rural economies, and elevate Nigeria’s standing in the global agricultural value chain.

However, achieving scale will not come overnight. It will require patient capital long-term financing that understands the seasonality and investment cycles of agriculture. It will also demand consistent policy support, infrastructure upgrades, and active participation by the private sector.

The Road Ahead

As Nigeria charts a path toward economic self-reliance, it will take more than policy declarations or isolated pilot projects to shift the narrative. What is needed is a sustained national commitment to agriculture, not as a fallback option, but as a strategic growth pillar.

The question for Nigeria in the years ahead is no longer whether it can compete globally, but whether it chooses to. The tools are already present: fertile land, a youthful and hardworking farming population, rising global demand, and emerging private sector leaders like Domena Africa.

What remains is a collective decision, to bet on agriculture, to invest in value creation, and to let Nigeria’s farms become engines of national prosperity once again. If that bet is made, the country’s next export boom may not be found in offshore oil rigs, but in the quiet resilience of cashew trees flourishing under the sun in Ogbomosho, Kogi, and beyond.

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Domena Africa, a subsidiary of Moneda Invest Africa, recently made a notable entry into the global commodity trade with the export of three 40-foot containers of premium-grade raw cashew to Vietnam. While the volume may appear modest, the transaction is symbolically powerful. For the company, it reflects a growing ambition among Nigerian agribusiness firms to move beyond fragmented, informal trade practices and plug directly into international value chains

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