LAGOS – Stakeholders in the cocoa and chocolate industry are expected to gather in Abuja and Lagos to discuss the need for Nigeria to add value to its cocoa as a way to maximise the benefits of investment in the sector.
The gathering which is the Nigeria edition of the International Cocoa and Chocolate Forum, (ICCF) will be held in Abuja on January 9 at the Transcorp Hilton Hotel, and in Lagos January 11 and at Four Points by Sheraton Hotel, Victoria Island.
The forum is organised by the International Cocoa Diplomacy (ICD) in partnership with Nigerian Export and Import Bank, (NEXIM) Bank and Cocoa Research Institute of Nigeria, (CRIN) with the theme; ‘Putting Value in Cocoa at Producing Regions.
Shola Mohammed, the Team Lead for ICCF2024, while speaking in Lagos at a press conference said that the ICCF 2024 Nigeria is a follow up on the discussion at the recently concluded UK edition in October 2023.
He said it is a call to action to continue the discussion where policy formation will meet investment requirements for the sole purpose of creating the cocoa culture that will begin to intentionally add value to cocoa and create wealth at origin to reduce dominance of the industry by consuming regions and to also explore ways for shared value and prosperity creation purposes.
He noted that the sessions will bring together policymakers, financial institutions and stakeholders from across the continent to exploit ways of taking advantage of African Continental Free Trade Area, AfCFTA and other emerging cocoa and chocolate markets to optimize the potentials.
Abba Bello, Managing Director/Chief Executive, Nigerian Export-Import Bank, who was represented by Tayo Omidiji, the General Manager Strategy NEXIM, noted that 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.
“It is instructive to note that the cocoa industry (including beans, cake, chocolate, is worth US$200bn 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 US$10bn.
Abba stated that it is against this background that the proposed conference has become very timely.
He said that the ICCF 2024 also 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.
He noted that the Nigerian Export-Import Bank, being the Export Development Bank of Nigeria, is also partnering in organizing this conference for the same reason.
Speaking further he said over the past five years, NEXIM has emphasized the need to boost value added exports through the PAVE initiative, which means Produce, Add Value and Export.
“During the upcoming conference, we shall seize the opportunity to present details of our financial products to support the cocoa industry amongst other sectors.
This will be done within the framework of the Sustainability Banking Principles of the Central Bank of Nigeria and the European Union Deforestation Regulation (EUDR), which kicks in December, 2024.
Dr. Patrick Adebola, the Executive Director, Cocoa Research Institute Of Nigeria (CRIN), said the institute is pleased to partner with NEXIM Bank and International Cocoa Diplomacy, who put together ICCF which is a platform for networking, partnerships, collaboration, ideas and cultural exchange, bilateral trade, opportunities, learning and forming new alliances.
Adebola, who was represented at the briefing by Dr. Samuel Orisajo, the Director/Leader, Cocoa Programme, CRIN, stated that the country’s cocoa beans are known for their unique flavor profile, which contributes to Nigeria’s reputation in the global cocoa market.
He said at the conference CRIN’s efforts on training farmers to focus on producing high-quality cocoa beans adopt best agricultural practices and value addition through processing and manufacturing of cocoa-based products to ensure profitability and compliance with the European Union Deforestation Regulation (EUDR) will be discussed.
Speaking further he said that cocoa is an important cash crop in Nigeria, contributing to the country’s agricultural sector, export earnings and foreign exchange reserves, and overall economic growth.
“Nigeria’s cocoa export industry has great potential, but there are still areas that need improvement. The Cocoa Research Institute of Nigeria (CRIN) has played a vital role in actualizing this vision by strengthening and deepening cocoa research and innovation.
He said In 2011, the institute launched eight new cocoa hybrid varieties (TC1-TC8), which have many distinguishing characteristics such as early yielding (18 months), high yield (1.5 – 2.5 tons/ha), drought and disease resistant, high butter content and good aroma.
Expected at the forum include; Olawale Edun, the Minister of Finance and Coordinating Minister of the Economy, Senator Abubakar Kyari Honourable Minister of Agriculture, Her Excellency Ambassador (Prof) Olufolake Abdulrazaq, the First Lady of Kwara State, Nigeria, Rikard Nordeman, the First Secretary, Trade and Economic Issues at the EU Delegation to Nigeria and ECOWAS, Babajide Sanwo-Olu Executive Governor of Lagos State among several others.
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