The Cocoa Farmers Association of Nigeria (CFAN) has raised alarms over inadequate funding for the cocoa industry, urging President Bola Tinubu to prioritize financial support for this vital sector.
In an open letter released on Monday, Adeola Adegoke, Director General of the Cocoa Roundtable Initiative and National President of CFAN, emphasized the need for government intervention to sustain the current prosperity of cocoa farmers in Nigeria.
Adegoke reminded the President of his campaign promise to establish boards for key agricultural commodities, highlighting cocoa's significance as a major foreign exchange earner and revenue generator.
He noted that while the National Cocoa Management Committee (NCMC) was established to oversee the sector, its operations have been severely hindered by a lack of funding over the past two years.
The letter detailed how insufficient financial resources have impacted essential functions such as quality control, contract arbitration, and monitoring of child labor practices within the industry.
Adegoke expressed optimism about Nigeria's potential for economic recovery despite challenges, suggesting that with proper funding and support, the cocoa sector could thrive.
CFAN is advocating for immediate financial backing for the NCMC and the National Task Force on EUDR (European Union Deforestation Regulation), which oversees investments worth approximately $1 billion. They are also calling for subsidies on inputs to enhance productivity among cocoa farmers.
Recent data indicates a remarkable 304% increase in cocoa exports in Q1 2024 compared to the previous year, attributed to rising demand and a weakened naira. Cocoa exports accounted for a significant portion of Nigeria's agricultural exports, totaling N438.7 billion in early 2024.
Adegoke urged both state governors and stakeholders in the cocoa industry to address funding and legal framework issues affecting the NCMC.
