Nigeria Export -Import bank, NEXIM, has reiterated the need for stakeholders and financial institutions to collaborate towards
meaningful development of the cocoa industry just as it urged entrepreneurs in cocoa processing to avail themselves of N500billion funding incentives by the bank.
Acting Managing Director of the bank, Mr. Bashir Wali, stated this when critical stakeholders in the sector met with him in Abuja.
Wali emphasized on the mouth watering single digit interest rate on the N500billion Export Stimulation Facility offered and managed by the bank and called on cocoa entrepreneurs, major players and stakeholders in the industry to avail themselves of the facility.
He reiterated the bank’s commitment to promoting export-oriented investments in the non-oil sectors of the Nigerian economy and further expressed commitment of the bank to provide funding interventions.
“There is a need for cooperation and input from all the stakeholders and synergy between the financial institutions to achieve any meaningful development in the Cocoa industry, Wali said, adding that as an export credit institution charged with the mandate to promote export diversification of the non-oil sector, it has in the past
supported the cocoa value chain by funding major cocoa processing plants such as Ile –Oluji, Multi–Trex and Stan Mark under the ADB/ESL facility.
According to the NEXIM boss, the story of the cocoa industry, especially as it relates to processing in Nigeria, cannot be told without the mention of NEXIM bank.
He however, expressed delight in the initiative organised by Afrexim bank, the Federal Government of Nigeria and the International Cocoa Organisation towards reviving the cocoa industry in Nigeria.
Speaking during the interactive session, Regional Head of Project Finance Afrexim bank, Mr. Kofi Adumaku, described Nigeria as the sleeping giant in the Industry,stating that the country has lost its former enviable position as the largest producer of cocoa in the world, to the 4th largest producer after Ivory Coast, Ghana and Indonesia.
Mr. Adumaku explained that a decision has been reached by the Federal
Government in collaboration with all relevant stakeholders in the industry to come up with a 5 year strategic plan towards revamping and sustaining cocoa industry in Nigeria.
According to him, “…there is a need to begin to support projects in the sector to make them viable again.” Pointing that, notwithstanding funding issues, relevant development financial institutions such as NEXIM bank, Afrexim bank, Bank of Agriculture and the Bank of Industry would team up towards providing the relevant support needed to develop the industry.

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