Region
Nigeria
Sokoto
Sector
Agriculture & Agri-processing
Oil & Gas
Summary:
Investors are invited to consider opportunities in the cultivation and processing of sugar cane in Sokoto State, situated in north-west Nigeria.
Investors have the opportunity to participate in the growing and processing of sugar cane in Sokoto State, situated in north-west Nigeria.
Investment Opportunity
Sugar cane is already produced on a small scale basis in many areas of the state. The state government is however promoting the commercial cultivation and processing of sugar cane to boost the local economy. The present administration is also enthusiastic about the export opportunities of products derived from the crop.
Incentives
The Nigeria Federal Government and the Sokoto State Government is offering a range of
incentives to investment in agriculture and agri-processing. These include:
Companies in the agro-allied business do not have their capital allowance restricted. It is granted in full i.e. 100%.
The payments of minimum tax by companies that make small or no profits at all do not apply to agro-allied businesses.
Agro-allied plants and equipment enjoy enhanced capital allowances of up to 50%.
Processing of agricultural produce is a pioneer industry, consequently there is 100% tax-free period for 5 years.
All agricultural and agro-industrial machines and equipment enjoy 1% duty.
The Agricultural Credit Guarantee Scheme Fund (ACGSF), administered by the Central Bank of Nigeria, guarantees up to 75% for all loans granted by commercial banks for agricultural production and processing.
The Interest Drawback Program Fund provides a 60%
repayment of interest paid by those who borrow from banks under the ACGS, for the purpose of cassava production and processing. To qualify for these repayments, borrowers need to repay their loans on schedule.
Contact Details
Investors interested in this opportunity should contact:
Sokoto State Investment Promotion Committee
Contact: Dr Buhari Bello Kware
Email: infonigeria@gan.co.za
