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The Cocoa Farmers Association of Nigeria today has raised concerns over funding challenges in the cocoa industry, urging President Bola Tinubu to prioritize investment in this critical sector.
In an open letter, Adeola Adegoke, Director General of the Cocoa Roundtable Initiative and National President of the Cocoa Farmers Association, appealed for financial support to prevent setbacks for Nigerian cocoa farmers.
Adegoke reminded the president of his campaign promise to support key agricultural commodities with regulatory boards to drive growth and revenue, emphasizing that cocoa—Nigeria’s top foreign exchange provider—should be a priority.
He highlighted that the National Cocoa Management Committee, formed in 2022, has been hindered by insufficient funding, limiting its ability to oversee quality control, protect investments, and tackle issues like child labor.
The association also called on the government to subsidize inputs for farmers, which would boost productivity and increase both farmer incomes and government revenue by 2025.
Cocoa exports have surged by 304% in early 2024, reaching N438.7 billion, driven by high demand and a weaker naira, according to recent NBS data as this growth, alongside record prices nearing 10 million naira per metric tonne, underscores the sector’s importance.
The association urged President Tinubu and state governors to secure funding and legal backing for the NCMC through the National Assembly, enabling Nigeria to maintain high cocoa prices, expand production, and potentially become West Africa’s leading cocoa producer by 2027.
