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HomeNewsNigeria Eyes N765.3bn Earnings From Cocoa By 2024

Nigeria Eyes N765.3bn Earnings From Cocoa By 2024

With the increasing price of Cocoa in the international market, Nigerian farmers are looking to improve their exports to 500,000 metric tons to earn N765.3 billion or $1.32 billion by 2024.

Cocoa bean as of April 2022,
according to the International Cocoa Organisation (ICCO), is $2,639 per metric ton and Nigeria currently produces between 328,263 and 340,000 metric tons.

Farmers under the aegis of the Cocoa Farmers Association of Nigeria (CFAN) said they are working to increase their outputs to 500,000 metric tonnes by 2024 so that Nigeria can become the highest cocoa producer in West Africa in the next five years.

The National Chairman of CFAN, Adeola Adegoke said in Akure during the free distribution of cocoa Good Agricultural Practices (GAP) handbook to smallholder cocoa farmers that the target would make the country produce the best quality cocoa beans in line with internationally acceptable best practices.

West Africa is responsible for about 70 per cent of the total world cocoa production with Côte d’Ivoire and Ghana, the largest producers, and trailing are Nigeria and Cameroon.

Four West African countries namely Ivory Coast, Ghana, Nigeria and Cameroon feature prominently on the list of the 10 highest cocoa-producing countries in the world.

Others are Indonesia, Brazil, Ecuador, Peru, Dominican Republic and Columbia.

Adegoke who spoke on standards among cocoa farmers noted that the GAP handbook would enhance responsible use of pesticides, child labour eradication, deforestation, ecosystem and climate change among others.

He explained: “The poor cocoa quality being experienced by our cocoa buyers and exporter which have degraded and, devalue the once preferred Nigeria cocoa beans at international markets is not acceptable any longer to us.

He said the smallholder cocoa farmers would be guided and supported on responsible and acceptable international cocoa practices without any excuse.

CFAN commitment to increase Nigeria, cocoa production in conjunction with other value chain stakeholders from about 340,000 tonnes to 500,000 tonnes by 2024 and to be the highest cocoa producer in the year 2027 in West Africa with sustainable cocoa beans remains the core cocoa policy.

“This ambition is anchored on improved cocoa variety, national cocoa farm irrigation, the improvements of the livelihood of our smallholder cocoa farmers via the collection of $400 Living Income Differential (LID) and the overall improvements of the cocoa sector from research, Inputs, production, value addition, processing to export.

Adegoke stressed that working with the Cocoa Research Institute of Nigeria (CRIN), Harvest-field Industries, the Federal Ministry of Agriculture, the Federal Ministry of Industry, Trade and Investment, and other stakeholders to produce and distribute the Cocoa GAP handbook for free to farmers will ensure the sustainability of the cocoa supply and value chains in Nigeria.

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