Revival of cocoa key to Nigeria’s economic growth – stakeholders

Participants at the international cocoa conference held on Tuesday in Calabar, Cross River State, agreed that if properly developed cocoa has the capacity to bolster Nigeria’s economy, or even displace petroleum products as Nigeria`s primary foreign exchange earner.

The conference, which was organized by the Cocoa Association of Nigeria (CAN) in collaboration with World Cocoa Producers Organisation, has the theme ‘Capacity Building on Risk Management For Cocoa Small Holder Farmers’ was kick-started without the Governor of Cross River state to declare the conference open.

President of CAN, Sayina Riman, explained that the conference was convened to help critical stakeholders in the industry discuss Price Risk Management Project which had over the years critically impacted against smallholder farmers in the country and other developing economies globally.

Executive Director of Cocoa Research Institute of Nigeria, CRIN, Prof. Malachy Akoroda, in his keynote address said that cocoa had great economic potential for the country given the high demand for it around the world.

“Cocoa is number one non-oil export earner for Nigeria even when it is not enjoying desired state support, push and encouragement for local farmers. The product has great hope. There are great demands for cocoa bye products in Western and Eastern countries but capacity to supply is limited”, he said.

Akoroda pointed out that the quality of cocoa produced in Nigeria was about the best globally because of the high breed species that are now made available to farmers.

He said that it had become possible for farmers these days to plant, nurture and have a high yield specie produce in six months adding that even within 18 months there could be unimaginable and bounty harvest against what was obtainable with the old species.

“Anyone can plan this specie and make real good profit, so that, say, in 5 years it is possible for the farmer to make as much as N15 million in profit”, the industry expert said.

He, however, lamented that pricing had been the major challenge because of factors like fertilizer, transportation and politics in the world cocoa market.

Corroborating the position of the CAN President on economic benefits of cocoa to the nation’s economy, Riman said cocoa business could change the economic fortunes of Nigeria, adding that it is more sustainable than oil because there is possibility that oil can dry but cocoa will not.

With the intensive cocoa activities, he was happy that much younger people are getting entrenched in the trade in Cross River State thereby ensuring the future growth.

Dr Jean-Marc Anga, who is the Executive Director of International Cocoa Organisation, London, however said that “cocoa farmers, producer organisations and exporters are constantly exposed to potential financial losses as the cocoa prices move against them.