WACOT Grants Osun Cocoa Farmers Fund To Boost Production

A subsidiary of Tropical General Investments (TGI) Group, WACOT Limited, has awarded a total of 1,578 cocoa farmers in 28 communities in Osun State with up to N40,000 each for their commitment to sustainably producing the primary cash crop.

This bonus was awarded to the farmers in addition to the payments made to them for the cocoa they delivered to the company as part of the outgrowers’ programme initiative.

 The earned bonus was in recognition of the superior product quality the farmers delivered to WACOT, which surpassed the international standards of sustainable cocoa production. 

The standards include but are not limited to excluding child or forced labour, responsible use of fertilisers and pesticides, proper tree care, and preserving protected reserves.

The special quality bonus was distributed at the Cocoa Farmers Premium Payment Award event held on Thursday, August 31, 2023, in Akeredolu Community, Osun State.

In her remarks, Yosola Onanuga, Corporate Responsibility and Sustainability manager of WACOT Limited, stated, “The award was given to the farmers based on their yield contribution to the outgrower programme initiative.

“The farmers were awarded between ₦30,000 to N40,000, while some got as high as N100,000 based on their sustainable cocoa production, she added.

 “We are shifting our cocoa specification to achieve a responsibly managed supply chain complying with the legal requirements of Nigeria and our cocoa export markets. We stand by our goal of promoting sustainable cocoa production through several sustainability initiatives with our partners.”

The chief operating officer of WACOT Ltd., Bibhu Nanda, commented on the cash award, emphasizing that they were well-deserved for farmers who have embraced sustainable cocoa production in line with WACOT’s vision and international best practices.