The Impact of Cashew Production on Nigeria’s Economy
Author(s)
Christopher O. Nwonu , Johnny C. Eluka , Emmanuel K. Agbaeze , Gomina G. Gbal ,
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Abstract
Cashew production in Nigeria has been identified and acknowledged by the government as a means of foreign exchange contributing to the gross domestic product of the economy since 1961, a year after Nigeria’s independence. However, little attention has been paid to increase the production of this all-important cash crop. The economic benefits of the crop are not in doubt. This necessitated a study to empirically examine the impact of cashew production to the gross domestic product. The study adopts survey method and secondary data were utilised. Collected data were analysed using descriptive statistics, Pearson correlation, t-test and regressions with the aid of Statistical Package for Social Science (SPSS 20). The result shows that cashew production and export significantly impacts positively on the gross domestic product of Nigeria.(r = .082 p < 0.05, t = 3.594, F = 0.127, DW = 0..499).The study concludes that cashew production and export have positive impacts on the gross domestic product of Nigeria though very weak. The study recommends that governments at all level including organised private sectors and well-meaning individuals should exploit this industry to diversify the States’ economy, fight unemployment as well as boost food security in Nigeria
Keywords
Cashew Production, Gross Domestic Product (GDP) and Economy
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