Commodity Development Initiative: Cocoa

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Overview

The desire to reposition the Cocoa industry as a major driver of growth in the Nigerian economy prompted the Central Bank of Nigeria (CBN) to engage key stakeholders in order to develop a roadmap for the resuscitation of the industry through financing. The initiative takes a holistic approach to tackle the complex problem of declining Cocoa farming across the country's Cocoa production belt.

Objective of the Initiative

The initiative has four prime focal areas:

• Increase Cocoa Beans production by 20% year-on-year;
• Improve the quality of Nigeria's Cocoa beans;
• Enhance Nigeria's Cocoa beans export demand and value; and
• Improve farm gate prices to markets.

To enhance the value chain activities, the Bank's has engaged the industry in developing a :"Gold Standard Cocoa Beans Initiative" to fast track the development of the value chain with strategies targeted at increasing national output to 1 million MT per annum by 2030.