The Cocoa Farmers Association of Nigeria has expressed concerns over the lack of funding for the cocoa industry, appealing to President Bola Tinubu to prioritize funding for the critical sector. The association’s Director General, Adeola Adegoke, emphasized that the president had promised during his campaign to provide support for key agricultural commodities, including cocoa, a leading foreign exchange earner and internal revenue generator for the country.
Key Issues Facing the Cocoa Industry:
- Lack of Funding: Hindering the National Cocoa Management Committee’s sustainability responsibilities, including quality control, contract arbitration, and child labor monitoring.
- Regulatory Framework: The need for legal backing to transform the National Cocoa Management Committee into a board.
- Economic Benefits: Cocoa exports rose by 304% in the first quarter of 2024, accounting for 42.4% of Nigeria’s agricultural exports [2).
The association urges President Tinubu, governors of cocoa-producing states, and industry stakeholders to address funding and regulatory challenges to maintain the sector’s growth and Nigeria’s position as a leading cocoa producer in West Africa.
