The Chairman, Cocoa Processors Association of Nigeria (COPAN), Akin Olusuyi recently said that the lack of a proper “institutional framework” is affecting the thriving of the Nigerian cocoa industry.
According to Olusuyi, the appropriate framework which should guide policies and value chain for the cocoa economy in the country needs to be set up so as to aid the actualization of the country’s full economic potential.
According to him, “Lack of structured framework that should provide policy guidance and direction to the cocoa value chain in the country to achieve its full economic potential as obtainable in various degrees in other Cocoa-producing countries like Ivory Coast, Ghana, Indonesia among others should be addressed and quickly too”
He further said: “The benefits of this to the development and sustainability of our cocoa economy far outweighs the aggregate of the temporary benefits accruing to individuals who are exploiting the distortions and confusion currently being experienced in the industry”
Expressing his thoughts: “This is one link in the value chain where these two economic growth factors are more pronounced. How much capital does the raw bean export form for example and what level of employment does it require?”
He stressed that cocoa remains one of the very few non-oil revenue-generating fields for the economy and it should be treated with utmost attention if it is to continue contributing to the economy in meaningful ways.