BoI to channel 70% of EIB facility to drive cocoa, dairy sectors
Synthesised from 2 African sources
Nigeria’s foremost development finance institution, the Bank of Industry (BOI), has secured a €60 million credit facility from the European Investment Bank to fund Nigeria’s cocoa and dairy value-addition drive, with a focus on processing, ingredients, and chocolate manufacturing.
Cocoa Value Addition Alliance Also speaking, the Minister of State for Industry, John Owan Enoh, described the summit as another milestone in implementing Nigeria’s Industrial Policy, and announced plans for the establishment of the Cocoa Value Addition Alliance, b,ringing together Nigeria, Ghana, Côte d’Ivoire and Cameroon, countries that collectively account for about 75 per cent of global cocoa production.
READ ALSO: Bank of Industry hands over 30-room hostel to Nigerian university According to Mr Enoh, the alliance is designed to strengthen regional cooperation, promote local processing, and enable producing countries to capture greater value from the global cocoa market.
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