Minister of Agriculture and Rural Development, Dr. Akinwumi Adesina, said on Monday that Nigeria’s export of cocoa is estimated to generate $1.3 billion (about N202.5 billion) as revenue for the country this year.

Adesina who stated this in Abuja at the Nigerian Cocoa Summit 2014, said cocoa generated $1.2 billion in 2013 while the same commodity generated $900million in 2012.

Minister of Agriculture, Akinwumi Adesina
Minister of Agriculture, Akinwumi Adesina
He noted that the production output of cocoa has grown from 250,000 metric tonnes to 370,000 metric tonnes in the last three years of the implementation of Cocoa Value Chain.

He assured that the production of cocoa would be scaled up to 600,000 metric tonnes by 2016.

As part of new initiatives to boost the production of cocoa in the country, he said the Nigerian Cocoa Research Institute had released eight new hybrids of cocoa, adding that the Federal Government has distributed 1.4 million cocoa pods to farmers in cocoa producing states across the country.

Given the enormous potentials of cocoa sub-sector, the Minister has also proposed the setting aside of N100 billion as Cocoa Development Fund, aimed at making Nigeria a global powerhouse in cocoa production.

He explained that the Cocoa Development Fund would be raised through public-private partnership, adding that it would bring about massive turn-around of the sector.

Adesina further disclosed that Cocoa Corporation of Nigeria would soon be established to regulate the activities of the cocoa sub-sector as well as shore up global competitiveness of Nigerian cocoa.

He pointed out that currently, the activities in the cocoa sub-sector are uncoordinated as Nigerian cocoa loses value in the global market because it is not branded.

The Corporation, Adesina explained would be driven by the private sector, as the government is expected to provide enabling environment.

According to him, “The absence of marketing institutions around cocoa sector has led to uncertainties in the Nigerian cocoa market which for decades has crippled the system.

“We are going to fix this problem once and for all. To fill the institutional void that the dissolution of Cocoa Marketing Board created and to allow us to compete with our neighbouring countries, the government supported institution called: ‘Cocoa Corporation of Nigeria’ will be established.

“This Corporation will not be run by government. It is going to be private-sector driven. But it is going to be public sector- enabled”.


http://dailyindependentnig.com/2014/10/cocoa-generate-1-3b-revenue-2014/

This is a welcome development. We really need to supplement the oil revenue with the way crude oil prices have been falling.

Great one from the best government ever in Nigeria.

Ati gbo!!!

Cocoa To Generate $1.3b As Revenue In 2014-
Minister For Agriculture «
» FG Needs $5b To Stabilise Economy – Okonjo-Iweala


If truly FG can generate $1.3b from cocoa in 2014 alone that is almost gone, how more of Palm, Casava, life stocks etc.
Then, what's the need for stabilizing our economy with $5b that our Banana plantations can take care of?

...Story 4 D gods!

All road now leads to cocoa farming. Heading to UI now for my Masters in cocoa farming.

All hope is not lost on nigeria

Gej till 2019. Let the fresh air continue

The Agric Minister Is doing well in his sector ,Nice one

I don hear

way to go! the burden on crude oil revenue is too much

[size=16pt]Statement in naija always goes thus:
FEDERAL GOVT TO .....
AGRICULTURE INPUT WILL .....
POWER SUPLLY TO INCREASE TO .....
when wud we hear statement like:
FEDERAL GOVT HAS .....
agric input is...
power supply has increased to.....[/size]
GEJ TILL NATIONAL ACCOUNT DON EMPTY

Na today?

GEJ till una get sense!

Which 2014? The one that has come to a close?

I pray oo. Wey oil still dey ba?

Nice move FG

With the falling oil prices, agriculture is the way to go. If we can sufficiently harness our agricultural production potentials, then i'm absolutely certain that the economy will be greatly bolstered with a less volatile and more sustainable resource. Plus the fact that employment opportunities will be greatly increased, thus helping to reduce in poverty.
I just hope the government will have the will power to pursue the programs to it's logical conclusion, and not jettison it, like several other abandoned projects.

Cocoa has been generating huge revenue since Chief Obafemi Awolowo days.

It was about time we went back to our roots, Agriculture.

If we can continue this agricultural trend ,,I see Nigeria beating USA in world denomination

Good day folks, almost everyday, one minister or one government representative would say:

- agriculture is going to generate so so billion naira

- power sector to generate so so trillion naira

- coal mining to generate so so quadrillion naira ..... and the list continues

FOR GOODNESS SAKE!!! We want to see how all these cash values are re-invested for the betterment of Nigerians not a list of impressive figures.


....... I am Beetwaise...still going classic.

Cocoa gets mentioned in the news today before crude oil. The last time that happened was 1972.