Despite falling public revenues, the cocoa and oil palm production capacity of Nigeria can contribute significantly to the Gross Domestic Product (GDP) if potentials of the industry are properly harnessed, Incorporated Society of Planters (ISP) has said.According to the organization, Nigeria, formerly the world’s leading cocoa producer, slipped in the ranking due to neglect of the sector, particularly application of old age technologies and outdated farming techniques in the production processes.

The Protem Vice Chairman of ISP Africa, Fatai Afolabi, stated these at a media briefing ahead of the launch of the Africa chapter of the association scheduled for May 24 2024 in Abuja.

He said that the establishment of ISP in Nigeria will help to create an African hub as it will act as a regional organisation

Arise News reports that Nigeria is currently the fourth largest producer of cocoa globally and rakes in about N34 billion annually from exporting cocoa beans alone, besides other revenues from cocoa by-products like butter, cake, liquor and powder.

While the country trails Ivory Coast, Ghana and Indonesia behind, its output is still comparatively low.

Ivory Coast produces 2,200,000 tons of cocoa beans annually, while Nigeria’s total annual output is about 340,163 tons.

Source: Arise News