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.

Otuka     Kwara Polytechnic     Abdulmajeed Abdullahi     Muhammed Abdullahi     Razaq Atunwa     Col. Ibrahim Taiwo     Abdulkareem Alabi     ITEM 7     AbdulRazaq AbduMajeed Alaro     Old Oyo     Babs Iwarere     Abdulganiyu Oladosu     Surajudeen Akanbi     Lateef Fagbemi     Yusuf Aiyedun     Sabi     Erubu     Iyabo Adisa Ibiyeye     Magaji Are     Student Learning Support Helpline     Afetu Of Alabe     Awili Pedro     Oluwatoyin Lukman     Oluranti Idowu     Kwara State Pension Board     Ilesha-Gwanara     Tunji Ajanaku     Abubakar Olusola Saraki     Maja     KWASIEC     Tuesday Assayomo     Raliat Islamic Foundation     Lanre Jimoh     Offa Grammer School     Abdulwaheed Musa     Isa Aremu     Taofik Abdulkareem Babaita     Kwara State University Of Education     Obasanjo     Okiki     Road Transport Employers Association Of Nigeria     Ilorin East     Onilorin     Omoniyi     Asiwaju Bola Tinubu     Vishvas KOZ Tractors     Abatemi-Usman     Ahmad Fatima Bisola     Mansur Alfanla     Olohungbebe     Suraj Tunji Oyewale     Yekeen Alabi     Baba Issa Awoye     FERMA     Saliu Oluwole     Bello Oyebanji     Baruba     Ilorin Amusement Park     Jamila Bio Ibrahim     EndSARS     Maryam A. Garuba     Yashikira     Chief Of Staff     NTA Ilorin     Abdulrahman Abdulrazak     SUBEB     Mopelola Abdulmaliq-Bashir     Babaloja-General     Emir Of Shonga     COVID-19 Palliatives     Photo News     Special Adviser On Digital Innovation     Lawal Olohungbebe     Bahago     Azeez Salawu     Olam Food Ingredients     Bayo Onimago    

Cloud Tag: What's trending

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

Ahman Patigi     Abiodun Jacob Ajiboye     Muhammadu Buhari     Babs Iwarere     Ajibola Ademola Julius     Sheu Ndanusa Usman     Musa Aibinu     YAKOOYO     Omotoso     Jamiu Oyawoye     Ayobami Seriki     SWAN     Amusa Bello     Oba Mogaji Abdulkadir     Kwha.gov.ng     Peter Obi     Ramadan     Guber Aspirant     Chartered Institute Of Personnel Management Of Nigeria     Dauda Adeniran Adeshola     Raymond Olaitan     Elelu     Zulu Gambari     Abdulmumini Sanni Jawondo     Patience Jonathan     Bibire Ajape     Tunji Olawuyi     Moses Rahman Popoola     Okin High School     Garment Factory     Chief Of Staff     Salihu Yahaya     Gabriel Fashanu     Ilorin Talaka Parapo (ITP)     Curfew     Kayode Zubair     Face Masks     AbdulKareem Yusuf Danhawa     Umar Danladi Shero     Sam Onile     EFCC     Ilorin West     Sam Okaula     Col. Taiwo     Hakeem Idris     Ishaq Salman     Hameed Oladipupo Ali     Umaru Saro     Sango-UITH Road     Rabiu Kwankwaso     Sardauna     Umar Ahmed Gunu     Shagari     TVC Female National Debate     Saka Onimago     NaAllah     Abdulahi Abubakar Bata     Ezekiel Yissa Benjamin     Olam Food Ingredients     Abdulfatah Ahmed     Bankole Omisore     Abdulrauf Aliyu     Kola Ologbondiyan     JUSUN     Ibrahim Issa Jetti     Omotosho     Kwara Teaching Service Commission     Isaac Aderemi Kolawole     Tosho Yaqub     Olabimpe Olani     Minister     Funke Adedoyin     Muhammad Ghali Alaaya     Dan-Kazeem     FERMA     Mohammed Yisa     Ilorin Anchor Men And Women