The Federal Government has set ambitious plans to elevate Nigeria’s cocoa production to 500,000 metric tonnes by 2025, a notable increase from the 340,000 tonnes recorded in 2022.
Amb. Nura Rimi, speaking on behalf of the Federal Ministry of Industry, Trade, and Investments at the Pre-National Trade Dialogue Series in Abuja, emphasized the pivotal role of cocoa in Nigeria’s economic landscape.
Highlighting Nigeria’s status as the world’s sixth-largest cocoa producer, Rimi underscored the substantial growth in cocoa exports, reporting a 50% revenue increase in 2022.
He credited strategic partnerships with international bodies like the International Cocoa Organisation and the African Cocoa Fund for driving this progress.
Rimi also highlighted Nigeria’s improving investment climate, citing over $2 billion in Foreign Direct Investment in 2023 across sectors such as manufacturing, agriculture, and energy. Despite these gains, challenges including infrastructure deficits and regulatory complexities persist, alongside security concerns in certain regions.
Read also:
- Flood destroys Anambra market goods, billions lost
- First Lady empowers Zamfara market women with N50,000 each
- FG directs Dangote refinery to stick to official market fuel prices
- CAC warns unregistered PoS operators
- Bill Gates warns of economic stagnation in Nigeria
- Nigeria earns N2.7 billion from exports in half-year, NEPC discloses
Rimi advocated for sustained efforts to attract investments, enhance trade, and strengthen partnerships to foster economic growth. Amb. Fred Agah of the Nigerian Office for Trade Negotiations echoed these sentiments, urging robust government policies and stakeholder collaboration to mitigate risks and improve the ease of doing business.
The event drew government officials, stakeholders, and investors committed to advancing Nigeria’s trade ecosystem.
