On Tuesday, the Federal Government announced that it would increase its production of cocoa from 340,000 metric tonnes in 2022 to 500,000 metric tons by 2025.
At the Pre-National Trade Dialogue Series meeting in Abuja, Ambassador Nura Rimi, the Permanent Secretary of the Federal Ministry of Industry, Trade, and Investments, made this statement.
The program’s theme is “The State of Nigeria’s Global Trade Ecosystem: Bridging the Gaps for a Renewed Program,” according to the News Agency of Nigeria.
Mr. Kaura Irmiya, Director of Commodities and Export for the Ministry, was in attendance on behalf of the permanent secretary. Rimi stated that Nigeria was the sixth-largest cocoa producer in the world while stressing the significance of cocoa to the country’s economic growth.
“Our cocoa exports have grown significantly, with a revenue increase of 50 per cent in 2022.
“We aim to increase cocoa production to 500,000 metric tonnes by 2025. Our investment partnerships have been instrumental in driving growth in various sectors of our economy,” he said.
He claims that the key to this advancement has been strategic alliances with global organizations like the African Cocoa Fund and the International Cocoa Organization (ICCO), among others.
Additionally, according to Rimi, Nigeria’s investment climate has greatly improved, drawing over $2 billion in foreign direct investment (FDI) by 2023.
He praised the government’s efforts to foster an atmosphere that is supportive of enterprises and stated that industries including manufacturing, agriculture, and energy have profited from this inflow.
He enumerated a few of the ideas, such as creating free trade zones, streamlining the business registration procedure, and offering incentives to investors.
Rimi said some of the challenges, such as infrastructure deficits, regulatory bottlenecks, and corruption, needed to be addressed to fully realise the potential of Nigeria’s investment and collaboration partnerships.
The permanent secretary noted that security concerns in certain regions were another challenge that could deter investments and impede economic growth. He, therefore, called for continued efforts to attract more investments and promote trade and partnerships in the country.
“As we look to the future, we must build on our progress so far. We must continue to attract investments, promote trade, and strengthen our partnerships.
“We must also address the challenges that we face and work toward creating a more conducive business environment
“We must promote innovation, entrepreneurship, and skills development, and we must ensure that our partnerships are mutually beneficial and sustainable,” he said.
The permanent secretary said Nigeria’s investment and collaboration partnerships had the power to drive growth, create jobs, and improve living standards.
Rimi, however, called for continued collaboration to address the gaps in the global trade ecosystem and promote a renewed programme for the country’s economic development.
Also speaking, the Director-General of the Nigerian Office for Trade Negotiations, Amb. Fred Agah, said that the government had a major role to play in boosting trade.
Agah advised the government to create policies to mitigate risks encountered by private sectors and ensure ease of doing business. He also called for stakeholder collaboration, saying that one player alone could not achieve the set goal.
NAN reports that government officials, stakeholders, and investors in the sector attended the event.
NAN.
