FG advocates local cocoa processing to end raw bean export
President Bola Tinubu has declared that Nigeria must move away from exporting raw cocoa beans and focus on processing the commodity locally to capture more value from the global chocolate market.
According to him, cocoa generated more than N3 trillion in export earnings during the recent surge in global prices, but exporting raw beans meant Nigeria captured only a fraction of the industry’s economic value.
Also speaking, the Chief Executive of the Ghana Cocoa Board, Ransford Abbey, called for closer cooperation among Africa’s leading cocoa-producing countries, noting that although the continent produces between 75 and 77 per cent of the world’s cocoa, it earns less than 10 per cent of the value generated by the global chocolate industry.
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