CORI urges Tinubu to support cocoa industry with key reforms

The Cocoa Roundtable Initiative (CORI) has urged President Bola Tinubu to advance Nigeria’s cocoa industry by transforming the National Cocoa Management Committee (NCMC) into a statutory board.

It also appealed to the President to fund the National Task Force on EU Deforestation Regulation (EUDR) and provide subsidized inputs for cocoa farmers.

In an open letter, CORI emphasised that the actions are critical to sustaining Nigeria’s recent gains in cocoa exports and ensuring long-term industry resilience.

CORI’s Director-General Comrade Adeola Adegoke, commended the President’s economic reforms while urging him to direct a focus on the cocoa sector, a major contributor to Nigeria’s foreign exchange.

With cocoa exports increasing by an impressive 304% in the first quarter of 2024, reaching N438.7 billion, CORI highlighted that the cocoa industry is one of Nigeria’s most robust non-oil revenue streams.

This rise in exports has helped to stabilize cocoa prices, which currently sit at over N10 million per metric ton.

The NCMC, created in 2022 by the previous administration, was initially established to bring much-needed regulation to the sector and support Nigeria’s smallholder cocoa farmers.

However, CORI noted that funding shortfalls have limited the committee’s capacity to oversee quality standards, enforce fair labor practices, and prepare the sector for regulatory challenges, particularly compliance with the EU’s upcoming EUDR standards on sustainable cocoa sourcing.

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“We see this moment as a turning point for Nigeria’s cocoa economy,” said Adegoke. “With the right investments, including subsidized inputs for farmers, we can increase productivity and elevate the income of our smallholder farmers.

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“These measures will enhance Nigeria’s position as a global cocoa leader and bring prosperity to rural communities.”

Tinubu’s campaign promises included the establishment of boards for key agricultural commodities, and CORI believes that the cocoa sector, given its economic importance, should be prioritized in these efforts.

He called for an upgrade of the NCMC to a board backed by National Assembly legislation, ensuring it can fulfill its mandate in promoting quality, monitoring sustainability, and stabilising market prices.

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CORI also called on governors in cocoa-producing states and other industry stakeholders to back the initiatives, underscoring the need for a united effort to make Nigeria the leading cocoa producer in West Africa by 2027.

“With comprehensive support for our farmers and industry regulation, we can realize the vision of a sustainable, prosperous cocoa economy,” Adegoke stated.

Adegoke pledged CORI’s commitment to continue working alongside government agencies, international bodies, and industry partners to ensure the sector’s success, secure sustainable practices, and uplift Nigeria’s cocoa farming communities.