The Federal Government has announced plans to increase the country’s cocoa production to 500,000 metric tonnes by 2025, up from 340,000 tonnes in 2022.
Permanent Secretary of the Federal Ministry of Industry, Trade, and Investments, Ambassador Nura Rimi, stated this at the Pre-National Trade Dialogue Series meeting in Abuja recently.
While speaking on the event, themed: “The State of Nigeria’s Global Trade Ecosystem: Bridging the Gaps for a Renewed Programme,” Rimi, who was represented by the Ministry’s Director of Commodities and Export, Mr. Kaura Irmiya, emphasised the importance of cocoa to Nigeria’s economic development, noting that the country ranked as the world’s sixth-largest cocoa producer.
“Our cocoa exports saw a 50 per cent revenue increase in 2022. We aim to boost production to 500,000 metric tonnes by 2025, with investment partnerships driving growth across various sectors,” Rimi stated.
He highlighted strategic partnerships with international organisations such as the International Cocoa Organisation (ICCO) and the African Cocoa Fund as key contributors to this progress.
Rimi also reported significant improvements in Nigeria’s investment landscape, which attracted over $2 billion in Foreign Direct Investment (FDI) in 2023.
This influx has benefited sectors like manufacturing, agriculture, and energy, bolstered by government initiatives to create a conducive business environment.
Initiatives mentioned include the establishment of free trade zones, simplified business registration processes, and incentives for investors.
However, Rimi acknowledged ongoing challenges such as infrastructure deficits, regulatory bottlenecks, and corruption that must be addressed to fully realise Ni – geria’s investment potential.
He also cited security concerns in certain regions as a deterrent to investment and economic growth, calling for continued efforts to attract investments, promote trade, and strengthen partnerships.
“As we look to the future, we must build on our progress. Attracting investments, promoting trade, and strengthening partnerships are crucial. We must also address challenges and foster a more conducive business environment,” Rimi urged.