The Bank of Industry (BoI) has secured a €60 million credit facility from the European Investment Bank (EIB) to support Nigeria’s drive to expand cocoa value addition and strengthen the dairy sector.
The funding will focus on key areas including cocoa processing, ingredient production and chocolate manufacturing as Nigeria seeks to move away from exporting raw cocoa beans and build a stronger local processing industry.
BoI Managing Director and Chief Executive Officer, Dr Olasupo Olusi, announced the development during the Africa Cocoa Summit held in Abuja on July 14. The summit was organised by the Federal Ministry of Industry, Trade and Investment to promote local processing, branding and greater economic benefits from Africa’s cocoa resources.
The event, also known as the Cocoa Value Addition Summit, was themed “From Bean to Brand” and brought together industry leaders and stakeholders from Nigeria, Ghana, Côte d’Ivoire and Cameroon. Participants signed the Abuja Declaration, which established the Cocoa Value Addition Alliance (CVAA) to encourage cooperation and investment across the sector.
According to Olusi, the €60 million facility is part of an €85 million EIB-BoI financing programme supported by the European Union through the Global Gateway initiative. He said the funding was designed to strengthen critical sectors and support businesses involved in processing and value creation.
President Bola Tinubu, represented by the Minister of Agriculture and Food Security, Senator Abubakar Kyari, urged African cocoa-producing countries to prioritise cocoa value addition instead of relying mainly on raw bean exports. He said producers must capture a larger share of the global chocolate industry by developing local processing capacity.
The cocoa value addition programme is expected to improve industrial growth, create opportunities for manufacturers and help Nigeria gain more benefits from its agricultural resources. By expanding cocoa value addition, stakeholders believe the country can build a more competitive position in the international cocoa market.
How can Nigeria ensure that cocoa farmers benefit more from increased local processing?
