Nigeria’s government has promised to boost its cocoa production from 340,000 metric tonnes in 2022 to 500,000 metric tonnes by 2025.
The Permanent Secretary, Federal Ministry of Industry, Trade, and Investments, Ambassador Nura Rimi, stated this at the Pre-National Trade Dialogue Series meeting in Abuja.
Nura stated that Nigeria is the world’s sixth-largest cocoa producer and it is important for the nation’s economic development.
“Our cocoa exports have grown significantly, with a revenue increase of 50 per cent in 2022. We aim to increase cocoa production to 500,000 metric tonnes by 2025. Our investment partnerships have been instrumental in driving growth in various sectors of our economy,” he said.
He emphasised the need for strategic partnerships with international organisations such as the International Cocoa Organisation and the African Cocoa Fund, among others, have been pivotal in this progress.
Rimi also revealed that Nigeria’s investment landscape has improved significantly, attracting over 2 billion dollars in Foreign Direct Investment in 2023.
He said sectors such as manufacturing, agriculture, and energy have benefited from this influx and commended government’s initiatives to create an enabling environment for businesses.
He made a list of some of the initiatives to include the establishment of free trade zones, simplification of business registration processes, and provision of incentives for investors.
Rimi said some of the challenges, such as infrastructure deficits, regulatory bottlenecks, corruption, security concerns in certain regions needed to be addressed to fully realize the potential of Nigeria’s investment and collaboration partnerships.
He, therefore, called for continued efforts to attract more investments and promote trade, and partnerships in the country.
