Minister urges cocoa factory MD to upgrade facilities

The Minister of State for Industry, Trade, and Investment, Senator John Owan Enoh, has urged the management of Ikom Cocoa Processing Factory to upgrade its facilities to international standards to attract federal government support.

During a visit to the factory in Ikom, Cross River State, the minister emphasized that while the existing infrastructure is commendable, improvements are necessary for full-scale operations and access to government incentives.

He highlighted the importance of cocoa processing in national and international markets, urging the company to ensure efficiency in the cocoa value chain. He assured management that government incentives, including tax exemptions and low-interest loans, are available for businesses investing in industrial development.

In response, the Managing Director of AA Universal Bean & Co Ltd, Chief Chris Agara, pledged the company’s commitment to upgrading the facility to meet global standards and commence full operations.

“This facility represents the first real attempt. The company to which this facility was concessioned wrote to my ministry calling for collaboration and public-private partnership.

“I also want to be sure that we have enough cocoa to feed the industries in a manner that ensures we don’t have challenges in the cocoa value chain.

“If you work hard and work honestly, I can assure you of assistance. Within the Ministry of Trade and Investment, there are incentives that the government has put in place.

“It’s important you have a business scheme that will be attractive enough to provide funding support. The Bank of Industry, as it is, still gives loans at single-digit interest rates,” he maintained.

Reacting, the Managing Director of AA Universal Bean & Co Ltd, Chief Chris Agara, assured the minister of the firm’s willingness to upgrade its facilities to international best standards so that it can fully commence operations.