The Executive Secretary and Chief Financial Officer, Financial Report – ing Council of Nigeria, Rabiu Olowo, has disclosed that the country is at risk of losing over $20 billion in cocoa exports within the next three years.
Olowo, who stated this when the council received a delegation from the House of Representatives Com – mittee on Commerce, said the loss was likely to occur if the nation does not align with the sustainability adoption roadmap.
The lawmakers were led by Ahmed Munir, representing Lere Federal Constituency in Kaduna State. According to Olowo, adequate attention must be paid to deforestation and farmland management, as the issue of sustainability is very important.
He said: “It will interest you to note that the issue of sustainability is absolutely important, that’s why we’re driving it very, very rigor – ously.
“Nigeria is on the brink of losing over $20 billion in cocoa exports within the next three years if we do not align ourselves with the processing and the reporting expectations of Europe.
It’s our cocoa they use in making chocolates and all of that. But if you don’t pay attention to deforestation, the way you arrange your farmland, the way you process your, I mean, and all of these things, your products or how good will not be competitive, and that is the real issue.”
