By Awyetu Asabe Hope
The Cocoa and Coffee Farmers Alliance Association of Africa (COCEFAAA) has called for increased investment in cocoa processing across Nigeria and Africa, saying the sector offers significant potential for economic growth, job creation and foreign exchange earnings.
In a statement issued on Friday, the association’s Global President, Adegoke, said rising global demand for processed cocoa products presents an opportunity for African countries to shift from exporting raw beans to value-added production.
COCEFAAA said demand for cocoa butter, liquor, cake and powder continues to grow across Europe, North America, Asia and Africa, while increasing preference for traceable and sustainably produced cocoa is creating premium markets for processors.
The association urged banks, manufacturers, investment firms and private investors to channel more resources into cocoa processing, describing it as one of Africa’s most profitable agricultural investment opportunities.
It said expanding local processing would help Nigeria retain more foreign exchange, create jobs and strengthen industrial development, while opening opportunities for small and medium-sized enterprises in processing, logistics, packaging and quality assurance.
COCEFAAA also urged governments to improve infrastructure, ensure stable power supply, provide affordable financing and implement consistent agricultural policies to attract private investment.
The association further congratulated Sunbeth Global Concepts Limited on its planned 70,000-metric-tonne cocoa processing plant and 80,000-metric-tonne cashew processing facility in Ogun State, both scheduled for commissioning in March
