International Cocoa Organisations (ICCO) has urged Nigeria to work towards increasing cocoa production and consumption in the country.
ICCO Executive Director, Jean-Marc Anga also asked all relevant stakeholders to ensure Nigeria benefits from the $400 million it has sourced from international financiers to improve cocoa production among its member countries.
Anga said this during a three-day seminar with the theme: “Implementation Meeting of the Cocoa Price Risk Management Project” organised by the Cocoa Association of Nigeria (CAN), in collaboration with the ICCO, Agence Francaise De Development (AFC), and the Federal Ministry of Industry, Trade and Investment.
He said “A few months ago, the ICCO secretariat in his efforts to secure additional financial resources for its member countries, signed a Memorandum of Understanding (MoU) with the African cocoa sector.
“To increase value-added cocoa production; To promote chocolate consumption;To empower women in the cocoa value chain; To develop profitable cocoa farming models;To improve access to credit and; To increase market access.
“These project activities will be implemented in major cocoa producing countries in Africa and therefore in Nigeria.
“Through its membership of the ICCO, Nigeria has benefited, among others, from ten major development projects. Each of these projects have tackled specific issues and challenges faced by the Nigerian cocoa sector, namely, farm management practice, market access, competitiveness and price risk management. The latter is the subject of the current project.
“The Nigerian benefits stemming from these ICCO projects were outstanding. Through its involvement in ICCO projects over the years, Nigeria received nearly $US 40 million for a local contribution of almost $US 3.9 million. You will agree with me that this is a rather handsome rate of returns.
The Executive Director, Cocoa Research Institute of Nigeria, Ibadan, Professor Malachy Akoroda also added that Cocoa is the highest foreign exchange earner outside crude oil.
He said cocoa alone contributed $US 666.45 million, being 27.7 per cent of the nation’s earnings from agricultural produce and solid minerals sector.
He implored the federal government to provide all necessary support for cocoa farmers.