By Zika Bobby
Determined to return cocoa as a leading non-oil export commodity in Nigeria, stakeholders are set to put together a conference, with the theme: “Putting Value in Cocoa at the Producing Region.”
• L-R: Representing International Cocoa and Chocolate Forum (ICCF2024) Team, Shola Mohammed; CEO, Sunbeth Global Concepts, Olasukanmi Owoyemi; GM Strategy and Head Corporate Communications, NEXIM Bank, Mr. Tayo Omidiji; HRM, the Oloni of Eti-Oni, Osun State, and Founder, International Cocoa Diplomacy, Oba Dokun Thompson; Director, Cocoa Programme, Cocoa Research Institute of Nigeria (CRIN), Dr. Samuel Orisajo, during the pre-event press conference to mark ICCF 2024 with the theme: ‘Adding Value to Cocoa in Producing Region,’ Thursday at the NEXIM Bank office, Ikoyi, Lagos.
The 2024 International Cocoa and Chocolate Forum (ICCF) conference being organised in partnership with Nigerian Export and Import Bank, NEXIM Bank and Cocoa Research Institute of Nigeria (CRIN), will hold in Abuja on January 9 and Lagos January 11, 2024.
At a joint press conference in Lagos, weekend, Managing Director/Chief Executive of Nigerian Export-Import Bank, Abba Bello said it’s time for Nigeria to add value to its cocoa exports as a major step towards maximizing the benefits of investments in the sector.
Represented by Mr Tayo Omidiji, NEXIM Bank’s Head of Strategy and Corporate Communication, Bello said cocoa, in the pre-oil era was indeed a major driver of foreign exchange earnings 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.
However, 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 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.
The Nigerian Export-Import Bank, being the Export Development Bank of Nigeria is also partnering 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 said.
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 amongst 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.”
The Director, Cocoa Program CRIN, Dr Samuel Orisajo, speaking on behalf of Executive Director, Cocoa Research Institute of Nigeria (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.
A member of the ICCF2024 Team, Shola Mohammed said the conference is a call to action to continue the discussion where policy formation meets 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 said the event would bring policy makers, financial institutions and stakeholders from across the continent together to exploit ways of taking advantage of African Continental Free Trade Area, AfCFTA and other emerging cocoa and chocolate markets to optimize the potentials.
He also said the Minister of Finance and Coordinating Minister of the Economy, Chief Olawale Edun is expected to Chair the conference in Abuja.
He added that 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.
