Africa Business News: Entrepreneurs. Investments. Banking & Finance. Emerging Markets. Start-Ups
Tuesday, 3 June 2014
Nigeria earns $900m from cocoa export, says Adesina
Dr. Akinwumi Adesina
Nigeria has earned $900 million from local cocoa production, the Minister of Agriculture and Rural Development, Dr. Akinwumi Adesina has said.
Adesina said the rate of locally produced cocoa grew from 250, metric tonns (Mt) in 2011 to 370, 000 Mt in 2013.
He said a global company, Hersey, is investing $20 million to procure cocoa from over 20, 000 certified cocoa farmers across the country.
On rice production, the minister said with additional 4.3 million Mt, Nigeria is on course to be self sufficient in 2015.
“The cocoa revolution in Nigeria is receiving global attention. Nigeria’s cocoa production grew from 250,000 Mt in 2011 to 370,000 Mt by 2013, and our cocoa exports earned over $900 million.
“Hershey, a global company, has invested $20 million to procure cocoa from over 20,000 certified cocoa farmers.
“We will soon launch the Cocoa Corporation of Nigeria, a privately run commodity board, which will further spur growth and investment in the cocoa sector, including cocoa investment funds to boost local processing and value addition,” Adesina was quoted to have said in a statement in Abuja yesterday.
The minister also said Dansa Foods is committing $35 million to establish tomato processing plants in the country.
According to him, the Federal Government is providing nine million high yielding seedlings to small holder farmers and plantation estates in the country to improve oil palm production.