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Boosting Nigeria’s Cocoa Production and Export: Experts’ Roadmap
The Alternative Bank Ltd, the ethical banking subsidiary of Sterling Financial Holdings Plc, has outlined measures to help the Nigerian government boost the country’s cocoa production and export. In an exclusive interview with the News Agency of Nigeria, Gbenga Awe, the bank’s Group Head of Structured Trade & Commodities Finance, revealed the roadmap to make Nigeria the top cocoa exporter in Africa.
Cocoa is a crucial sector for the Nigerian economy, ranking fourth in global production and third in exports. However, despite being a significant player in the global cocoa market, Nigeria faces challenges such as inadequate research and development, limited sustainable farming practices, and insufficient value addition.
To rectify this, Awe emphasizes that the Nigerian government can increase the production of cocoa by creating regulations that are favorable to the industry. This can be achieved through affordable financial support, agricultural research and development, and the establishment of cocoa processing facilities.
Awe also notes that partnering with leading cocoa exporters by providing financing and support can significantly enhance productivity and market access. "To elevate Nigeria’s cocoa output to match Ivory Coast, adopting modern agricultural practices and planting high-yield seedlings is crucial," he said.
One of the key areas of focus should be value addition, as Awe noted that exporting raw cocoa beans limits the sector’s revenue potential. "At Alternative Bank, we ensure our customers add value to their cocoa before exporting, and this is evident in the number of cocoa factories we have funded for equipment acquisition and raw material sourcing," he said.
The bank’s Head of Structured Trade & Commodities Finance also highlighted the importance of optimizing the value chain for increased revenue generation. This requires establishing cocoa processing facilities, investing in quality control, farm mechanization, enhancing farmer training, and creating effective marketing plans to ensure cocoa products are attractive to the global market.
The Alternative Bank, which commenced operations in 2014, is dedicated to ensuring adherence to non-interest banking principles through the appointment of an Advisory Committee of Experts. With its focus on partnerships and innovative financing solutions, the bank supports the value chain by providing financing for all players across the value chain, partnering with industry leaders to achieve value addition to their products before export.
As Awe puts it, "This drives economic growth and increases stakeholder revenue, making Nigerian cocoa more competitive globally." To restore agriculture’s prominence in Nigeria, the government needs to diversify its economy, revitalize agricultural education, provide incentives for farmers, improve market access, and raise awareness about agriculture’s economic benefits.
Sources:
- Alternative Bank Ltd.
- News Agency of Nigeria
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