Eleyele Cashew Factory to Restart Production After 17 Years

Nigeria to expand Cashew Nut export by 2020
  • Eleyele Cashew Factory to Restart Production After 17 Years

The Eleyele Cashew Nuts Factory, situated in Ibadan, Oyo State, is to restart production after lying dormant for 17 years.

This was contained in a statement issued by the United States-Africa Chambers of Commerce, Industry, Mines and Agriculture Incorporation on Tuesday.

The statement noted that the USACCIMAI would resuscitate the factory using complete plants supplied by an Italian food and cashew nuts machinery manufacturer.

The statement read in part, “The new cashew nuts factory will be a joint venture between Messrs USACCIMA Incorporation of Philadelphia, Pennsylvania State, United States, and the Oyo State Government through the Bureau of Investment Promotion and Public Private Partnerships.”

It quoted the Managing Director and Chief Executive Officer, USCCIMA Incorporation, Mr. Adekunle Alliu, as saying that the factory would employ 500 workers for a start, while also contributing to the Internally Generated Revenue of the state as well as export revenue.

“The company will be resuscitated for massive employment before the end of the year,” Alliu said.

The USACCIMA Incorporation said that it was currently in talks with Governor Abiola Ajimobi, adding that an arrangement was equally being made to invite Acting President Yemi Osinbajo to relay the foundation stone for the company.

“This investment will convince all other foreign investors from Europe and America to come to the state of Oyo and Nigeria,” the chamber added.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya

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