Farmers Urge Tinubu Fund Cocoa Industry to Sustain Growth
By Fly Cable News
The Cocoa Farmers Association of Nigeria (CFAN) has expressed concern over the inadequate funding of the cocoa industry, urging President Bola Tinubu to intervene to safeguard the sector’s growth and prevent setbacks to the nation’s cocoa farmers.
In an open letter released on Monday, signed by Adeola Adegoke, Director General of the Cocoa Roundtable Initiative and National President of CFAN, the farmers appealed to the president to fulfill his campaign promise of providing financial support to key agricultural sectors, with cocoa being a priority due to its significant contribution to foreign exchange earnings and domestic revenue.
Adegoke reminded the president that one of his key campaign pledges was to establish boards for critical agricultural commodities, including cocoa, to help regulate and develop the sector. However, he noted that the National Cocoa Management Committee (NCMC), set up to oversee the cocoa industry, has been hampered by a lack of funding and the absence of legal backing to transition into a full-fledged board.
“The operations of the National Cocoa Management Committee have been hindered for the past two years due to insufficient funding, impacting essential activities such as quality control, contract arbitration, and child labor monitoring,” Adegoke said.
He also emphasized the need for immediate funding to the NCMC and the National Task Force on the European Union Deforestation Regulation (EUDR), stressing that the cocoa sector is vital to the country’s economic prospects, with cocoa exports rising by 304% in the first quarter of 2024. This surge contributed to Nigeria’s agricultural exports, accounting for 42.4% of the N1.04 trillion total in Q1 2024.
The letter also highlighted the positive impact of the cocoa price stabilization, with current cocoa prices exceeding N10 million per metric ton, benefiting farmers who have seen improved income. However, Adegoke warned that without proper regulation and support, smallholder farmers face challenges related to production, productivity, and post-harvest quality, which could jeopardize the industry’s long-term growth.
CFAN urged the president, along with governors of cocoa-producing states, to prioritize the legal and financial backing needed for the NCMC, ensuring the sustainability of Nigeria’s cocoa industry and its goal to become the top cocoa producer in West Africa by 2027.
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