Cardinal Torch invests $3.3 million to expand into Africa’s cashew industry

Nigeria’s effort to earn more from agricultural exports is getting another boost as Cardinal Torch Company Ltd. moves beyond commodity trading into food processing with a N4.5 billion ($3.3 million) investment in a new cashew processing plant. 

The facility, located in Shagamu, Ogun State, will process up to 10 tonnes of cashew nuts a day, allowing the company to produce semi-processed kernels and ready-to-eat products for local and overseas markets. 

The investment reflects a broader shift among African agribusiness companies toward processing raw materials closer to where they are produced. Industry players say local processing creates jobs, raises export earnings and reduces reliance on overseas factories. 

Cardinal Torch said the plant is scheduled to begin operations in the first quarter of 2027, adding capacity at a time when Nigeria is looking to strengthen its position in the global cashew market.

Moving beyond raw exports 

Managing Director and Chief Executive Officer David Olurin said the company wants to capture more value by processing cashew nuts locally instead of exporting them in raw form. 

“We’re moving from just exporting raw cashews to processing them locally,” Olurin said.

He added that the company already supplies ready-to-eat cashew products to supermarkets and exports to the United Kingdom and the United Arab Emirates.

The Shagamu plant was chosen for its proximity to raw materials, reliable power supply and export logistics.

Adding value from every harvest 

Chief Technical Officer Emmanuel Mshelia said the factory will also produce Cashew Nut Shell Liquid (CNSL), an industrial material used in brake linings, coatings and other manufacturing applications, creating an additional source of export revenue. 

He said about 80% of Nigeria’s raw cashew harvest is shipped to India and Vietnam for processing, leaving much of the value outside the country.

Processing the crop locally, he said, could significantly increase export earnings while supporting manufacturers and farmers across the supply chain.

Growth plans extend beyond cashew 

Cardinal Torch is also developing a 250-tonne-per-day soybean oil extraction plant and a cocoa processing facility.

The company plans to produce soybean meal, lecithin, cocoa butter and cocoa liquor while expanding into packaged food products, including pasta, spaghetti and beverages.

It has also launched a N30 billion($21.96 million) Commercial Paper Programme and intends to seek a listing on the Nigerian Exchange as part of its long-term growth plans. 

Founded in 2020, Cardinal Torch Company Ltd. is a Nigerian agro-commodity trading and processing company focused on agricultural exports and value-added manufacturing.

The company works with farmer cooperatives, operates its own logistics network and supplies products to domestic and international markets while expanding processing across the cashew, cocoa and soybean value chains.