Tinubu Pronounces End to Raw African Cocoa Exports, Calls for Local Value Addition: Media
Tinubu Pronounces End to Raw African Cocoa Exports, Calls for Local Value Addition: Media
Investors are already developing a 70,000-tonne cocoa processing facility in Shagamu, as Nigeria’s grinding capacity had surpassed 120,000 tonnes annually, Nigerian President, represented by the Minister of Agriculture and Food Security, Abubakar Kyari, was quoted by media as saying.
Africa produces about 70% of global cocoa but captures only six cents per dollar from the chocolate industry, he said.
“We gathered in Abuja today not to lament that arithmetic. We gathered to end it,” Kyari stressed at the Africa Cocoa Summit in Abuja.
Nigeria needs to move beyond raw cocoa bean exports, focus on local grounding, producing butter and chocolate, he said.
“Nigeria is offering the best open position in the global food economy. We are open for business, and we are serious."
On Tuesday, Côte d'Ivoire, Ghana, Nigeria and Cameroon adopted the Cocoa Value Addition Accord and proposed further Abuja Declaration, media reported.
The declaration reportedly will:
🟠attract investments;
🟠foster local processing;
🟠improve partnership between cocoa producers;
🟠increase farmer incomes.
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