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  • Nigeria: Cashew processing industry to benefit from tax exemption for the next 5 years 09/26/2022

    Sep 26th, 2022

    Nigeria is the third largest cashew producer in Africa behind Côte d'Ivoire and Tanzania. In the country which exports 85% of its harvest in the form of raw nuts, the authorities want to encourage the private sector to become more involved in processing . In Nigeria companies involved in cashew nut processing will benefit from tax exemption for the next 5 years. This was indicated Monday, September 12, Evelyn Ngige, Permanent Secretary of the Ministry of Industry, Trade and Investment. This announcement comes on the sidelines of the launch of the 16th Annual Cashew Conference organized by the African Cashew Alliance (ACA) and held in Abuja until September 15th. According to Mr. Ngige, the tax incentive should help improve the business environment and stimulate investments for the development of the cashew value chain. In addition, the measure comes on top of other tax advantages already enjoyed by players in the sector. For example, no tax is imposed on imported machinery and equipment for cashew nut processing, we learn from the official. In Nigeria, cashew nut production is around 240,000 tons per year. According to the Export Promotion Council (NEPC), the country operates only a third of its annual processing capacity, which is between 25,000 and 35,000 tonnes.