Cocoa Export Business to get Boost from Ghana/ Cote d’Ivoire Initiative

There are indications that Nigeria will be joining the Ghana/ Cote d’Ivoire initiative on cocoa export earnings aimed at improving the income of the exporters.

Already a committee has been set up for this by the Federal Ministry of Agriculture to commence the process of drafting a bill for the Legislative action.

The Committee named, National Cocoa Management Committee, NCMC, is expected to commence work immediately and possibly present the bill to the National Assembly by end of this year.

When the process is completed cocoa exporters are expected to earn additional $400 per tonne on their export cargo.

Speaking at the inauguration of the National Cocoa Management Committee in Abuja on Tuesday, the Minister of Agriculture and Rural Development, Abubakar Mahmood, said officials of his ministry recently visited Ghana to study the implementation of Living Income Differential with respect to cocoa export.

He explained that Ghana and Cote d’Ivoire introduced the Living Income Differential as a premium on their cocoa and as tool to complement the prices of cocoa in the international market.

Mahmood said, “The purpose of this is to increase the share benefits received by cocoa farmers in these countries. In order to work out modalities for Nigerian cocoa farmers to start benefitting from this initiative like their counterparts in Ghana and Cote d’ Ivoire, this committee is being set up.”

He said one of the immediate tasks of the committee was to come up with an urgent draft charter for the operations of the NCMC which would enable an executive bill to be forwarded to the National Assembly for legal backing.

“This is to meet the demand of joining the Ghana/Cote d’Ivoire initiative to deliver Living Income Differential of $400/tonne, which will in turn improve the livelihood of our smallholder cocoa farmers across the country,” the minister stated.