The Federal Government has partnered with Ghana, Côte d’Ivoire and Cameroon to strengthen regional cooperation aimed at increasing cocoa processing, improving farmers’ incomes and ensuring that more value from the global chocolate industry remains in Africa.
The agreement was announced on Tuesday during the Cocoa Value Addition Summit in Abuja, where the Minister of State for Industry, Trade and Investment, Senator John Owan Enoh, unveiled plans for Nigeria to implement a Cocoa Value Addition Accord.
The initiative will bring together the Federal Government, governors of cocoa-producing states, cocoa farmers’ associations, industry stakeholders, research institutions and the Bank of Industry (BOI) to promote local processing and expand the country’s cocoa value chain.
Enoh said the four countries had also adopted the Abuja Declaration, establishing the Cocoa Value Addition Alliance to coordinate efforts on key issues affecting cocoa-producing nations.
According to him, the alliance will enable member countries to present a united position on international regulations, including the European Union Deforestation Regulation, while advocating for recognition of national traceability systems to prevent farmers from bearing unnecessary compliance costs.
He explained that the Cocoa Value Addition Accord would encourage investments in cocoa processing, establish a national traceability system, provide dedicated financing for processors through the Bank of Industry and promote local processing and branding of cocoa products instead of exporting raw cocoa beans.
Also speaking at the summit, the Chief Executive of the Ghana Cocoa Board (COCOBOD), Dr. Ransford Abbey, called on Nigeria and Cameroon to deepen their collaboration with Ghana and Côte d’Ivoire to strengthen Africa’s position in the global cocoa market.
Abbey noted that Ghana and Côte d’Ivoire currently account for about 60 per cent of global cocoa production, adding that the inclusion of Nigeria and Cameroon would increase the alliance’s share to about 75 per cent of worldwide output.
He stressed that stronger regional cooperation would enhance Africa’s bargaining power, expand value addition and improve earnings for millions of cocoa farmers across the continent.
Despite producing nearly 75 per cent of the world’s cocoa, Abbey observed that Africa receives less than 10 per cent of the global chocolate industry’s value, underscoring the need for producer nations to process and market more cocoa products locally rather than exporting raw beans.
READ ALSO:
- EFCC Declares Former Pension Chairman, Maina Wanted
- UNGA 81: Lagos Seeks Global Partnerships to Protect Coastlines — Wahab
- Governor Dauda Lawal Joins VP Shettima at UNGA, Positions Zamfara as Investment Destination
- 40 years in politics, I’ve never seen a president with a better plan than Tinubu — Masari
- Lagos seals church, 11 other establishments over environmental violations
