KWSG injects N150m into cashew processing company – HHL

Date: 2018-03-02

The Kwara State Government has over the years injected about N150 million into the state cashew processing company, Ogbondoroko, Ilorin East Local Government Area of the state in order to boost its production capacity and economies of scale.

The Head of Treasury & Investment, Harmony Holdings Ltd, Hussain Alada disclosed this in a chat with our reporter in his office, at the weekend.

According to Alada, the Kwara cashew processing company was conceded to Olam Nig. Ltd by the state government for the duration of 10 years and the company was on the verge of relocating to Cote D'voire due to poor economic activities, prior to Harmony Holdings' intervention.

"So far, the Kwara State Government under Harmony Holdings Ltd has injected over 150million to improve the facilities of the company, and presently, about 10,000 square metres warehouse is being constructed at the company to store cashew nuts for all year round production."

Speaking further, Alada said the cashew processing company has impacted on economic activities of the state with over 1,500 direct labour services engaged. "If you look at the host community now, economic activities of the area have been boosted a development that has added to the GDP of the state."

Adducing reasons for the exportation of the nuts for foreign countries for final processing at the expense of having it produced locally, Alada said this is one of the challenges faced by the company presently.

"I think the Kwara State Government should come up with a direct policy to discourage the exportation of cashew nuts to foreign countries by imposing tariff and quota as this would discourage its exportation and invariably prompt the company to set up its plants in the state. Such development would create more jobs and even more revenue for the state government in the form of tax," Alada explain.

He said some West African countries with comparative advantage in the production of cashew like Ghana, Cote D'voire have come up with direct policies to discourage the exportation of cashew nuts by introducing taxes.

"I think our government too can do same, because if you look at it, lots of funds meant for development are lost into non remittance of exile duties. If this is done it will cause the foreigners to set up their company here in Kwara".

Source

 

Cloud Tag: What's trending

Click on a word/phrase to read more about it.

SSUCOEN     Abubakar Atiku     Boko Haram     Abdulrauf Aliyu     Abubakar Baba Sulaiman     Basit Olatunji     Fatai Adeniyi Garba     Sa\'ad Alanamu     Ahmed Dankaya     Democracy Day     Usman Rifun     Lanre Issa Onilu     Kwara State Pension Board     Abdulrosheed Okiki     Damilola Yusuf Adelodun     Kwara State Polytechnic     Abdulrasheed Na\'Allah     Samuel Olusegun Adedayo     Coalition Of Kwara North Groups     Kanu Agabi     Olufolake Abdulrazaq     Sanusi Abubakar     General Tunde Idiagbon International Airport     Ahmed Shuaib Buranga     Lafiagi     CBT     Ezekiel Yissa Benjamin     Olayinka Jelili Yusuf     Michael Nzekwe     Sulyman Buhari     Kwara Primary Health Care Development Agency     AbdulRaheem Ahmad Shayi     Raheem Adaramaja     Zainab Abass     Tosin Saraki     Elections     Ridwan Agboola     Shao     The Herald     Idris Amosa Saidu     Bamikole Omishore     Okanlawon Taiwo     Ilesha-Baruba     Ibraheem Adeola Katibi     Saba Jibril     Afeyin-Olukuta     Olota Of Odo-Owa     Taofeek Sanusi     Hakeem Lawal     Shehu Alimi Foundation For Peace And Development     Abraham Ojo     Mohammed Katsina Ahmed     Ashiru     Bilikis Oladimeji     Adedeji Onimago     Wasiu Odewale     Razaq Ayobami Akanbi     Simeon Ajibola     Old Oyo     Cornelius Adebayo     Press Release     Mazars Consulting     Ogbondoroko     Edu     Bond     Hydroelectric Power Producing Areas Development Commission     Sherif Sagaya     Ahmed Bayero     Maigidasanma     Gbadeyan Gbadura Yomi     A.E. Afolabi     VADA     Ijagbo Health Centre     Ilorin Water Reticulation     Olusegun Adeniyi     Akorede     Yusuf Lanre Badmas    

Cloud Tag: What's trending

Click on a word/phrase to read more about it.

Shero     Taofeek Sanusi     Olohungbebe     Charles Ibitoye     Abdulrahman Iliasu     Biliaminu Aliu     Awili Pedro     Abdulrosheed Okiki     Kwara United     Agor     Salman Suleiman     Kolade Solagberu     CBT     Ilorin.Info     Hikmah AbdulKareem     Sarafadeen Kayode Akorede     Mohammed Katsina Ahmed     Mohammed Khadijat Kubura     Elekoyangan     Isaac Gbenle     Yeketi     Aso-ofi     All Peoples Party     Kawu     Ibrahim Oniye     CLAY POT     Logun     AbdulRazaq AbduMajeed Alaro     Marufat Oladosu     Durosinlohun Atiku     Oko Erin     Offa Poly     Hassan Saliu     Afolasade Opeyemi Kemi     Moronfoye     Academic Staff Union Of Universities     Prince Sunday Fagbemi     Yakub Ali-Agan     Hassanat Bello     United Nigeria Congress Party     Egbewole     Towobola Abdulrahman Toyin     Omu Aran     Alimi     Kwara North     Aishat Mohammed Lawal     Prince Mahe Abdulkadir     Musa Yeketi     Offa Metropolitan Club     Seed Technologies     NITDA     Federal College Of Education (Special), Afon     Oyin-Zubair     Abdullahi AbdulMajeed     Folashade Omoniyi     Ajia-Bako     Ojo Isekuse     Yakubu Dogara     Ahmad Belgore     Suleiman Abubakar     Ilorin East     Afonja     GANZY     Sunday Popo-Ola     Senate Presidency     MINILS     Adegoke Bamidele     Adedipe     Oba Abu     FOMWAN     Onilu     Yusuf Abubakar     Abikan     Durbar     IDPU     Babajide Ajayi     Assayomo