Cashew Exporters: Exporters of cashew nuts are brazing efforts to increase their earnings with the Federal Government’s plans to drive up export volume by almost 100%.
Presently the exporters are doing about 260,000 metric tones per annum and the Federal Government is planning to raise it to over 500,000 metric tones per annum, and this is expected to yield about N52 billion to the exporters in a year.
Speaking at the at the 16th edition of the annual conference of the African Cashew Alliance yesterday in Abuja, the Minister of Industry Trade and Investment, Otunba Richard Adeniyi, said with production now 260,000 metric ton, N26bn is generated from the commodity from which 180,000 metric tons are traded as raw cashew nuts, 15,000 tons processed into cashew kernels and about 10,000 metric tons of the kernel are exported.
Adeniyi, who was represented by the Permanent Secretary of ministry, Evelyn Ngige, said incentives are given to companies investing in the sector as they are considered as pioneering industries.
“Companies that are investing in the sector are currently enjoying zero per cent duty on all agro-allied machines and equipment; 100 percent capital allowances granted to companies involved in production and processing, income tax relief for three years which can be extended to 5years and exemption from value-added tax.”
He added that the sector has lots of investment opportunities that could generate wealth and employment in the cashew value chain from cultivation, harvesting, processing, storage, and marketing to exporting of either the raw cashew nuts or partially processed products.
“Presently, Nigeria has 15 active processing plants with an estimated capacity of 55,750 metric tons and 8 inactive plants with an estimated capacity of 8,500 metric tons. New investments are being planned for the development of 6 new plants, with an estimated capacity of 23,910 metric tons. This effort is expected to provide over a million direct and indirect employment opportunities for the teeming youths.”