News in Brief:
– In response to rising global cocoa demand, Nigeria’s Ministry of Agriculture met with the National Cocoa Management Committee to discuss strategies for boosting production.
– This move aims to leverage Nigeria’s position as a global powerhouse in cocoa production, while maximising the economic potential of the cash crop for the nation.
In a bid to revitalise Nigeria’s cocoa production, Minister of Agriculture, Senator Abubakar Kyari, convened a productive meeting with the National Cocoa Management Committee (NCMC) at the Ministry’s headquarters in Abuja, recently.
The NCMC delegation reportedly included representatives from key stakeholders across the cocoa industry.
Speaking while hosting the committee members, Kyari noted the crucial role cocoa plays in Nigeria’s economic well-being. According to information made available on his official X page, the minister stated that during the interactive session they looked into the prospects of reinvigorating cocoa farming in Nigeria.
The minister further added that the discussions focused on ways to transform the cocoa business, a lucrative agribusiness, into a powerful driver of positive outcomes that will benefit the country.
Nigeria’s prominent position in cocoa production
The nation’s bid to boost cocoa production owes to the fact that it holds the distinction of being one of the world’s largest cocoa producers.
Although the cocoa industry significantly contributes to the national coffers, with reports indicating it generated a staggering ₦356.16 billion for Nigeria’s GDP in 2023, the sector has not been actively explored in recent times according to analysts.
Meanwhile, the meeting comes amidst a backdrop of rising global demand for cocoa. Driven by increasing chocolate consumption, particularly in emerging economies, cocoa prices have reached record highs in recent years. This presents a significant opportunity for the country to strengthen its position in the global market and generate substantial revenue.
In the light of the above, the Ministry of Agriculture, under Senator Kyari’s leadership, has pledged its unwavering support to the NCMC. This commitment will focus on bolstering research initiatives within the cocoa sector.
