According to Comr Adeola Adegoke, President of the Cocoa Farmers Association of Nigeria (CFAN), Nigeria loses $100 million in revenue each year due to the non-revitalization of the cocoa sector.
Comr Adegoke, who disclosed this to journalists in Abuja yesterday ahead of the Nigerian Cocoa Summit and Awards, stated that Nigeria needs to increase its current production capacity from 250,000 metric tonnes per year and develop a roadmap to revitalize the sector, plug revenue gaps, and address the country's foreign exchange earnings deficit.
He stated that Nigeria's current cocoa bean exportation rate of 90% and production of 350 tonnes per hectare of land has demonstrated a low level of production and processing within the country and has become a service to foreign countries' economies, which must be addressed by the summit's experts.
The summit, which is scheduled for November 30th to December 1st, 2021, in Abuja, is expected to bring together stakeholders in the cocoa sector to chart a course and offer pragmatic solutions to revitalize the sector and the national cocoa policy.
Ajayi Olutobaba, assistant director, cocoa value chain, Ministry of Agriculture and Rural Development, explained that the summit's outcome is geared toward a post-Covid-19 action plan in the cocoa sector and adaptable capacity to combat climate change.
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