Cocoa to generate $1.3bn revenue this year #nigeria

Minister of Agriculture and Rural Development, Dr.
Akinwumi Adesina, said on Monday that Nigeria's export of
cocoa is estimated to generate $1.3 billion (about N202.5
billion) as revenue for the country this year.
Adesina who stated this in Abuja at the Nigerian Cocoa
Summit 2014, said cocoa generated $1.2 billion in 2013
while the same commodity generated $900million in 2012.
He noted that the production output of cocoa has grown
from 250,000 metric tonnes to 370,000 metric tonnes in the
last three years of the implementation of Cocoa Value
Chain.
He assured that the production of cocoa would be scaled up
to 600,000 metric tonnes by 2016.
As part of new initiatives to boost the production of cocoa in
the country, he said the Nigerian Cocoa Research Institute
had released eight new hybrids of cocoa, adding that the
Federal Government has distributed 1.4 million cocoa pods
to farmers in cocoa producing states across the country.
Given the enormous potentials of cocoa sub-sector, the
Minister has also proposed the setting aside of N100 billion
as Cocoa Development Fund, aimed at making Nigeria a
global powerhouse in cocoa production.
He explained that the Cocoa Development Fund would be
raised through public-private partnership, adding that it
would bring about massive turn-around of the sector.
Adesina further disclosed that Cocoa Corporation of Nigeria
would soon be established to regulate the activities of the
cocoa sub-sector as well as shore up global
competitiveness of Nigerian cocoa.
He pointed out that currently, the activities in the cocoa
sub-sector are uncoordinated as Nigerian cocoa loses
value in the global market because it is not branded.
The Corporation, Adesina explained would be driven by the
private sector, as the government is expected to provide
enabling environment.
According to him, "The absence of marketing institutions
around cocoa sector has led to uncertainties in the Nigerian
cocoa market which for decades has crippled the system.
"We are going to fix this problem once and for all. To fill the
institutional void that the dissolution of Cocoa Marketing
Board created and to allow us to compete with our
neighbouring countries, the government supported
institution called: 'Cocoa Corporation of Nigeria' will be
established.
"This Corporation will not be run by government. It is going
to be private-sector driven. But it is going to be public
sector- enabled".