Tinubu Launches Cocoa Sector Plan to Boost Economy

President Bola Ahmed Tinubu unveiled an ambitious plan to transform Nigeria's cocoa sector during the Cocoa Value Addition Summit held in Abuja. The initiative aims to revitalize the local processing industry and boost the economy, with a focus on making Nigeria a significant player in the global cocoa market.

Tinubu emphasized the need to shift from exporting raw cocoa to processing it domestically, which would create jobs and attract investments. He noted that Nigeria produces 6-7% of the world's cocoa and generates approximately N3 trillion in export earnings when global prices exceed $10,000 per ton.

The Cocoa Research Institute of Nigeria will launch a program to improve cocoa seedlings, enhancing yield and disease resistance. The plan aligns with Tinubu's broader industrial policy to increase domestic manufacturing and reduce reliance on raw commodity exports.

The summit was represented by key figures, including Minister of State for Industry, John Owan Enoh, who highlighted the importance of value creation in the cocoa sector.