Nigeria Targets Cocoa Value Addition to Boost Revenue
The Federal Government of Nigeria is seeking to eliminate the export of raw cocoa beans to boost national revenue by enhancing value addition in the cocoa sector. This initiative was announced by Senator John Owan Enoh, the Minister of State for Industry, during the Cocoa Value Addition Summit held in Abuja.
The government aims to prioritize agro-industrial value addition by 2025, establishing a framework for cocoa processing and investment, particularly for smallholder farmers. Dr. Olasupo Olusi, Managing Director of the Bank of Industry, emphasized the need for a financial structure that supports cocoa processing, requiring significant investment to meet global market demands.
The initiative includes the establishment of dedicated financing windows for cocoa processing and aims to create a reliable digital traceability platform. The government plans to mobilize resources and partnerships to ensure that Nigerian cocoa processors can compete effectively in the global market.
Plus234Feed summary based on reporting from Nigerian Tribune. Read the original report below.
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