•As summits to revive production, exportation hold in Abuja, Lagos

By Tunde Oso

To return cocoa as a leading non-oil export commodity in Nigeria, stakeholders are organising the International Cocoa and Chocolate Forum (ICCF) conference, with the theme: “Putting Value in Cocoa at the Producing Region” in Lagos and Abuja.

The 2024 ICCF conference being organised in partnership with Nigerian Export and Import Bank, NEXIM Bank and Cocoa Research Institute of Nigeria (CRIN), is fixed for Abuja on January 9 and Lagos January 11, 2024.

Managing Director/Chief Executive of Nigerian Export-Import Bank, Abba Bello, at a joint press conference in Lagos, said time is ripe for Nigeria to add value to its cocoa exports as a significant step towards maximising the benefits of investments in the sector.

Bello, who was represented by Tayo Omidiji, NEXIM Bank’s Head of Strategy and Corporate Communication, said, cocoa, in the pre-oil era was a major foreign exchange earner for the country.

“However, Nigeria has lost its leading position in the production and export of cocoa over the years to now rank about the 4th producer behind countries like Cote d’Ivoire, Ghana and Indonesia. This problem can be attributed mainly to the aged plantations and lack of investment in the sector over the years.

According to him, “Of more significance is the need for Nigeria to add value to its cocoa exports as a major step towards maximizing the benefits of investments in the sector. Let me emphasise that the ICCF 2024 aligns with the renewed hope agenda of President Bola Ahmed Tinubu, as part of measures to promote economic diversification, address the scarcity of foreign exchange and enhance jobs creation for the country.

The NEXIM Bank boss further explained, “The Nigerian Export-Import Bank, being the Export Development Bank of Nigeria is also joining in organising this conference for the same reason. This is in keeping with our mandate of developing the external sector of the Nigerian economy and facilitating export trade.”

He added: “It is instructive to note that the cocoa industry (including beans, cake, chocolate, etc) is worth $200 billion annually, out of which the entire West African producing region (made up of Cote d’Ivoire, Ghana, Cameron and Nigeria), which account for about 70 -75% of the global output earns only $10 billion. To further drive home the point, I would like to make reference to the report by the International Trade Centre (ITC) in 2021. According to the report, Nigeria produced 208 MT of cocoa beans in 2021, but generated a total income of $628 million. However, Germany, which did not produce cocoa earned a whopping $57.3 billion from export of cocoa products.

“The foregoing underscores the need for all hands to be on deck among all stakeholders, including policy makers, researchers, the organised private sector and financial institutions to discuss strategies to crowd in investments and address all the other issues towards achieving the huge potentials in the Nigerian Cocoa industry.”

Director, Cocoa Research Institute of Nigeria (CRIN), Dr. Samuel Orisajo, speaking on behalf of Executive Director of CRIN, Dr. Patrick Adebola; said CRIN is providing the necessary supports to cocoa farmers to ensure that they get it right in terms of best agricultural practices and add value to their cocoa so as to make maximum gains.

Managing Director of Sunbeth Global Concept, Olasunkanmi Owoyemi called on the Federal Government to put necessary policies in place to prevent exploitation of cocoa farmers by enhancing cocoa value chain that would also protect the local cocoa economy players.

Minister of Finance and Coordinating Minister of the Economy, Chief Olawale Edun is expected to Chair the conference in Abuja, while the Minister of Agriculture, Senator Abubakar Kyari would be the Special Guest and Keynote Speaker to deliver an address on Productivity versus Production in Agriculture in relation to Value Creation within the singular market, AfCFTA, with the Kwara State First Lady, Olufolake Abdulrazaq, who is the Honorary Global Ambassador of International Cocoa Diplomacy to deliver a goodwill message with focus on the importance of diplomacy to address the several issues facing the cocoa industry.