Federal Government on Tuesday announced its plan to boost cocoa production from the 340,000 metric tonnes recorded in 2022 to 500,000 metric tonnes by 2025.
This announcement was made by Ambassador Nura Rimi, the Permanent Secretary of the Federal Ministry of Industry, Trade, and Investments, at the Pre-National Trade Dialogue Series meeting in Abuja.
The News Agency of Nigeria reported that the event’s theme was ‘The State of Nigeria’s Global Trade Ecosystem: Bridging the Gaps for a Renewed Programme’.
Rimi, represented by the Ministry’s Director of Commodities and Export, Mr. Kaura Irmiya, emphasized cocoa’s crucial role in Nigeria’s economic development, noting that the country is the world’s sixth-largest cocoa producer.
“Our cocoa exports have grown significantly, with a revenue increase of 50 per cent in 2022. We aim to increase cocoa production to 500,000 metric tonnes by 2025. Our investment partnerships have been instrumental in driving growth in various sectors of our economy,” Rimi stated.
He highlighted the impact of strategic partnerships with international organizations like the International Cocoa Organisation and the African Cocoa Fund in achieving this progress.
Rimi also disclosed that Nigeria’s investment climate has seen substantial improvement, attracting over $2 billion in Foreign Direct Investment in 2023.
Sectors such as manufacturing, agriculture, and energy have benefited from this investment, thanks to government initiatives creating a favorable business environment.
Some of these initiatives include establishing free trade zones, simplifying business registration processes, and providing incentives for investors.
However, Rimi acknowledged challenges such as infrastructure deficits, regulatory bottlenecks, and corruption that need addressing to fully realize Nigeria’s investment potential.
Security concerns in certain regions also pose a challenge that could hinder investments and economic growth. Rimi called for ongoing efforts to attract more investments, promote trade, and strengthen partnerships.
“As we look to the future, we must build on our progress so far. We must continue to attract investments, promote trade, and strengthen our partnerships. We must also address the challenges that we face and work toward creating a more conducive business environment. We must promote innovation, entrepreneurship, and skills development, and we must ensure that our partnerships are mutually beneficial and sustainable,” he said.
Rimi asserted that Nigeria’s investment and collaboration partnerships could drive growth, create jobs, and improve living standards. He called for continuous collaboration to bridge gaps in the global trade ecosystem and foster a renewed programme for the country’s economic development.
Director-General of the Nigerian Office for Trade Negotiations, Amb. Fred Agah, also spoke at the event, emphasizing the government’s critical role in enhancing trade. Agah suggested the creation of policies to mitigate risks faced by the private sector and ensure ease of doing business.
He also called for stakeholder collaboration, stressing that achieving the set goals requires collective effort.
Government officials, stakeholders, and investors in the sector attended the event.
