By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
P9O Newsletter
Join Us!

Subscribe to our newsletter and never miss our investigative stories, breaking news, podcasts etc..

Zero spam, Unsubscribe at any time.
  • Home
  • Nigeria
  • Politics
  • Metro
  • World
  • Lifestlye
  • Football
  • 2023 Election
Reading: Nigerian government grants cashew processors five years income tax relief
Prime 9ja Online
Prime 9ja Online Prime 9ja Online
Aa
  • Africa
  • Business
  • Football
  • Metro
  • Nigeria
  • Opinion
  • Politics
  • Technology
Search
  • Categories
  • _Football
  • _Lifestyle
  • _World
  • _Metro
  • _Politics
  • _Nigeria
  • Pages
  • _About Us
  • _Contact Us
  • _Privacy Policy
Follow Us
Nigeria

Nigerian government grants cashew processors five years income tax relief

According to Adebayo Adeniyi, Minister of Industry, Trade, and Investment, enterprises that process cashews will be exempt from income taxes...

Chima Joseph Ugo
Chima Joseph Ugo - Editor-in-chief September 12, 2022
Updated September 12, 2022 at 4:12 PM
Share
Nigerian government grants cashew processors five years income tax relief
SHARE
Nigerian government grants cashew processors five years income tax relief
According to Adebayo Adeniyi, Minister of Industry, Trade, and Investment, enterprises that process cashews will be exempt from income taxes for three years, with the possibility of an additional year.

At the 16th annual conference of the African cashew Alliance in Abuja, Adebayo, who was represented by the Permanent Secretaries Ministry of Industry, Trade, and Investment, Dr. Evelyn Ngige, assured attendees that businesses engaged in cashew production and processing are exempt from this requirement.

Since its founding in 2006, the event has never been hosted in Nigeria, according to the minister. The event, which is rotated among member nations, is held yearly to give countries that produce cashews the chance to exchange expertise and bring in investment for the sub-sector.

He said: “This event has continued to be of immense support to the over 48 cashew-producing African countries in providing access to important knowledge and Information that assist in the development of the cashew value chain of their respective countries.

“You will recall that since the inception of this administration government has continued to pursue deliberate policies to diversify the economy away from its over-dependence on the oil and gas sector. It is in this regard that Nigeria like other member countries of the ACA, has sustained its commitment to the provision of enabling environment and incentives for the development of the cashew value chain.

”These efforts have enhanced activities in the subsector, resulting in an increase in the commodity’s production in the country. Presently, some government incentives in the sector include. Zero percent (0%) duty on all Agro-allied machines and equipment acquired for the production of cashew. Capital allowances are granted 100% to companies involved in cashew production and processing.

”As of today, Nigeria produces about 260,000 metric tonnes of cashew nuts annually. Plans are ongoing to raise the annual production capacity of cashew nuts to well over 500,000 metric tonnes. Out of the current production figure of 260.000 metric tonnes, 180.000 metric tonnes are traded as raw cashew nuts. 15,000 metric tonnes are processed into cashew kernels and about 10,000 metric tonnes of the kernel are exported.

”Cashew production is limited to only about 10 states out of the 36 states and the Federal Capital Territory. The leading state in cashew nuts production is Kogi State. Other states involved in the production of cashew nuts include Abia.”
Tags: Nigeria

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Share this Article
Facebook WhatsApp TwitterEmail Print

You Might Also Like

Facebook Like
Twitter Follow
Pinterest Pin
Telegram Subscribe
Prime 9ja Online

Subscribe to our newsletter to receive our latest updates instantly on your email.

About

  • About Us
  • Privacy Policy
  • Terms
  • Disclaimer
  • Fact-Checking Policy
  • Code of Ethics
  • Corrections and Correctives
  • Editorial Integrity
  • Ethical Conduct
  • Funding

Connect

  • Contact Us
  • Advertise
  • Submit a Tip

© 2025 Prime 9ja Online Media - All Rights Reserved.

Follow Us