The government of the Nigeria has announced plans to raise cocoa production from 340,000 tons to 500,000 tons by 2024.
Dr. Mohammad Mahmood Abubakar, Minister of Agriculture and Rural Development, revealed this in Abuja during a tour led by Mr. Arrion Michel, Executive Director of the International Cocoa Organisation (ICCO).
While noting that Nigeria is the world's fourth-largest cocoa producer, Abubakar expressed confidence that the country can enhance cocoa production as a result of the Federal Government's and key stakeholders' current efforts to promote the use of better varieties.
He emphasized the need for traceability and transparency in the cocoa sector, as well as national cocoa farm irrigation and cocoa sector improvement through research, input delivery, production, and value addition.
Nigeria has made a remarkable move to join the Living Income Differential (LID) initiatives, which were established by Cote d'Ivoire and Ghana in 2019 and aim to guarantee the livelihood of small-holder farmers through an LID of $400/ton of cocoa beans sold, he said, adding that while the two countries benefit, Nigerian cocoa farmers are at a disadvantage due to the country's unregulated and liberalized cocoa industry.
The Minister stated that the interactive discussion between the Nigerian delegation and the Ghana Cocoa Board resulted in a satisfactory outcome, citing the ministry's recent approval of the National Cocoa Management Committee (NCMC).
He went on to say that the committee, which would be made up of cocoa industry stakeholders, would design a framework for regulating and monitoring the sector's actions in order to achieve transparency, traceability, and sustainability.
The Minister went on to say that the NCMC would be backed up by legislation passed by the National Assembly, giving the process legal status.
In order to boost cocoa output in Nigeria, he promised that the ministry would deploy the LID system.
Earlier, Mr. Arrion Michel, Executive Director of the International Cocoa Organization (ICCO), stated that Africa produces roughly 80% of cocoa, but that the price is set in Europe, and that there is a need to address the market force.
He also mentioned that Cote d'Ivoire, Ghana, and Ecuador are the top three cocoa producers, with Nigeria coming in fourth. He also mentioned that cocoa is a crucial crop for smallholder farmers in many nations.