The Minister of Industry, Trade and Investment, Adebayo Adeniyi, says the federal government has recently declared that companies involved in cashew production and processing will enjoy 100% capital allowances.
This declaration was made during the 16th edition of the annual conference of the African cashew alliance in Abuja on Monday.
The milestone is a progressive move in the Nigerian production industry as a deliberative measure to deviate the economy’s position away from overdependence on Oil and Gas.
For the first time in Nigeria, owing to this present administration, Nigeria as a major cashew producing country is given a chance to collaborate with other countries in shared experiences and investments to the sub-sector.
It is worthy of applaud that the government has put in place a higher production rate of cashew nuts to a whopping 260,000 metric tonnes of which about 10,000 metric tonnes are exported, and has active plans to push production to 500,000. The current administration added that these cashew production companies are exempted from taxes.
Amid many incentives enjoyed in the sector, these pacesetting efforts put in place by the current administration have enhanced activities in the sub-sector and is a great step to increasing the country’s production level, while setting it in a position of global dominance in the agricultural sphere.