‘Cocoa can replace oil’

At an international cocoa conference held in Calabar, capital of Cross River State, recently, critical stakeholders  held the strong view that cocoa has the capacity to replace petroleum as the country’s number one income earner. The conference was convened at the instance of Cocoa Association of Nigeria (CAN) in collaboration with World Cocoa Producers Organisation, […]

At an international cocoa conference held in Calabar, capital of Cross River State, recently, critical stakeholders  held the strong view that cocoa has the capacity to replace petroleum as the country’s number one income earner.
The conference was convened at the instance of Cocoa Association of Nigeria (CAN) in collaboration with World Cocoa Producers Organisation, headed by a Nigerian, Mr Sayina R. Riman, to discuss price risk management project impacting against small holder cocoa farmers in Nigeria and other third world countries.
One of the keynote speakers at the conference, the Executive Director of Cocoa Research Institute of Nigeria, Professor Malachy Akoroda, said that there is high demand for cocoa around the world, adding: “Cocoa is number one non-oil export earner for Nigeria even when it is not enjoying desired state support, push and encouragement for local farmers.
“The product has great hope. There are great demands for cocoa by-products in Western and Eastern countries but capacity to supply is limited.”
Akoroda said that Nigeria has the best cocoa because high breed species were made available for farmers.
He said that it was possible to plant, nurture and have the high yield specie produced in six months, adding that even within 18 months there could be unimaginable reaps.
“Anyone can plan this specie and make real good profit, in 5 years it is possible for the farmer to make as much as N15 million in profit.”
He lamented that major challenge like inadequate fertiliser, transportation and politics in the world cocoa market affected its price.
Corroborating his views, CAN president, Riman said cocoa business can change the economic fortune of Nigeria, adding that it was sustainable more than oil.
Also speaking, Dr Jean-Marc Anga, the Executive Director of International Cocoa Organisation, London, said that “Cocoa farmers, producers’ organisations and exporters are constantly exposed to potential financial losses as the cocoa prices move against them.” 
Anga said there was need to empower cocoa farmers and stakeholders with knowledge, skills and tools to tackle the cocoa price risk.
He announced that the International Cocoa Organisation has signed a memorandum of understanding with the African Export and Import Bank (Afreximbank) worth over US$400m to support African cocoa farmers and member-countries to produce value-added cocoa, promote chocolate consumption, empower women and develop cocoa farming models.