NACCIMA Commends FG Ban on Export of Raw Cocoa

The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has applauded President Bola Ahmed Tinubu's recent decision to ban the export of raw cocoa beans. NACCIMA President Jani Ibrahim described the ban as a timely and strategic intervention that aligns with the association's persistent advocacy for value addition and local industrialization.

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The decision to prioritise local cocoa processing represents a significant step towards transforming Nigeria’s agricultural value chain.

Ibrahim emphasized that Nigeria can no longer afford to remain solely an exporter of raw agricultural commodities while other nations benefit more from processing and manufacturing finished goods. He believes prioritizing local cocoa processing is a significant step toward transforming Nigeria's agricultural value chain. This move is anticipated to increase foreign exchange earnings, stimulate investment in processing facilities, and generate thousands of direct and indirect jobs.

Furthermore, the ban is expected to foster technology transfer and enhance the global competitiveness of Nigerian cocoa products. Ibrahim highlighted the policy's potential to catalyze growth across the manufacturing and agro-processing sectors. It is also seen as a way to strengthen the linkages between farmers, processors, exporters, and other stakeholders within the cocoa value chain.

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Beyond increasing foreign exchange earnings, it will stimulate investments in processing facilities, create thousands of direct and indirect jobs, encourage technology transfer, and enhance the global competitiveness of Nigerian cocoa products.

In addition to commenting on the cocoa export ban, Ibrahim mentioned NACCIMA's recent championing of the Nigeria Infrastructure Conference (INFRACON). This conference aimed to mobilize private sector capital to address Nigeria's significant infrastructure deficits, indicating the association's broader focus on economic development.

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The policy has the potential to catalyse growth across the manufacturing and agro-processing sectors while strengthening linkages between farmers, processors, exporters, and other players in the cocoa value chain.