WACOT Awards N150m To 3,500 Farmers For Sustainable Cocoa Production

WACOT Limited, a subsidiary of Tropical General Investments (TGI) Group, has awarded over N150 million sustainability differential to over 3,500 cocoa farmers in 28 communities across Osun State in recognition of their dedication to sustainable cocoa production.

This bonus was awarded in addition to the payments made for the cocoa delivered to WACOT as part of the sustainable cocoa initiative. The recognition highlights the superior quality of cocoa produced by these farmers, which exceeds international sustainable cocoa production standards. These standards include the exclusion of child or forced labour, responsible use of fertilisers and pesticides, proper tree care, and the preservation of protected reserves.

The special quality bonus was distributed at the Cocoa Sustainability Differential (payment) Award held on Saturday, Oct 12, 2024, in Balogun Community, Ile-Ife, Osun State.

During the event, Head, Corporate Responsibility & Sustainability – TGI Group, Yosola Onanuga, expressed gratitude to the farmers, stating, “We want to appreciate the farmers in our cocoa programme for their commitment to sustainable farming practices. Sustainability is a core value at TGI which is deeply embedded in our operational strategies. We thank the community for their unwavering support and dedication to improving sustainable practices in cocoa cultivation, from harvesting to fermentation and at every stage of the value chain.”

Member of Osun State House of Assembly, representing Ife Central Constituency and Chairman of the House Committee on Youths, Sports, and Special Needs, Honourable Abiola Awoyeye, highlighted the importance of WACOT’s contributions, stating, “WACOT’s initiatives in supporting farmers are crucial to the development of our agricultural economy. The company provides essential tools and training to help farmers enhance the quality of their cocoa produce, which is vital to Osun state. We are grateful to TGI and WACOT for their support to the state.”

RELATED

CBN Survey Shows Interest Rates Now Business Firms’ Biggest Constraint

11 hours ago

Fitch Upgrades Benue State, Affirms Lagos, Kaduna’s Ratings

11 hours ago

One of the beneficiaries, Fawole Christianah, expressed gratitude towards the good work and impact WACOT has had in their communities. She said, “Before I became a member of the WACOT cocoa initiative, my yield was low and I couldn’t sell enough to provide for my family, and it’s the same story for a lot of us. But that’s not our story today. I can boldly say we are doing better than we could ever imagine. I have not heard of other companies paying farmers extra for doing the right thing. We are grateful for all WACOT has done for us.

WACOT’s substantial funding is part of its corporate responsibility and sustainability approach, which is founded on respect for people and the betterment of the communities it operates in. TGI’s sustainability programs involve a structured approach to outgrower farming initiatives, covering various value chains, including cocoa, cotton, rice, and sesame. The program includes registering smallholder farming groups and cooperatives, providing easy access to quality agro-inputs, offering training on Good Agricultural Practices (GAP) and Yield Enhancement Techniques (YET), and purchasing produce at prevailing market prices with immediate cash payments.

Tropical General Investments (TGI) Group is a global conglomerate with most of its investments in emerging markets. TGI’s investments focus on driving inclusivity and value addition using locally sourced raw materials, state-of-the-art manufacturing facilities, and a highly skilled workforce to produce world-class products consumed locally and exported to global markets. TGI Group is the parent company of WACOT Rice, CORMART, and CHI Farms, among others.