Cashew Processors To Enjoy 100% Capital Allowances- FG

The federal government has disclosed that  companies involved in cashew production and processing will enjoy 100 percent capital allowances.

Capital allowance is an amount of money spent on business assets that can be subtracted from what a business owes in tax.

This was disclosed by Adebayo Adeniyi, minister of industry, trade and investment  at the 16th edition of the annual conference of the African cashew alliance in Abuja on Monday.

Adeniyi was represented by Evelyn Ngige, permanent secretary of the ministry of industry trade and investment.

He also assured that companies involved in cashew production and processing are exempted from taxes.

“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, the 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”, he added.