The President of Cocoa Farmers Association of Nigeria (CFAN), Comr Adeola Adegoke has said that Nigeria loss $100 million in revenue annually due to non- revamping of the cocoa sector.
Comr Adegoke who disclosed this to newsmen in Abuja yesterday ahead of the Nigerian Cocoa Summit and Awards, said Nigeria needs to improve its current production capacity from the 250,000 metric tonnes yearly and develop a roadmap that will revive the sector, plug the revenue and address the country’s foreign exchange earnings deficit.
He said that the current 90 per cent cocoa beans exportation rate and the production of 350 tonnes per hectare of land in Nigeria has shown low level of production and processing within the country and has become a service to foreign countries economy which must be addressed by the experts in the summit.
The summit which is slated for 30th November to December 1, 2021, in Abuja is expected to gathered stakeholders in the cocoa sector to chart a pathway and proffer pragmatic solutions to revive the sector and the national policy on cocoa.
Assistant director, cocoa value chain, ministry of agriculture and rural development, Ajayi Olutobaba explained that the outcome of the summit is geared towards post covid-19 action plan in the cocoa sector and an adaptable capacity to combat climate change.