Abuja, July 9, 2024 – Rabiu Olowo, the Executive Secretary and Chief Financial Officer of the Financial Reporting Council of Nigeria, has advised the federal government to align with international processing and the reporting expectations on cocoa exports.
He said Nigeria might lose over $20bn proceeds from cocoa exports within the next three years if it failed to align with international standards on cocoa exports.
He said the loss might occur if the nation did not align with the sustainability adoption road map which will affect the processing and the trade acceptance of the product in Europe.
Olowo gave the advice in Abuja on Monday when he received a delegation of the House of Representatives Committee on Commerce led by Ahmed Munir, a member representing Lere Federal Constituency in Kaduna State.
He said adequate attention must be paid to deforestation and farmland management, as the issue of sustainability is very important.
“It will interest you to note that the issue of sustainability is absolutely important, that’s why we’re driving it very, very rigorously.
“Nigeria is on the brink of losing over $20 billion in cocoa exports within the next three years if we do not align ourselves with the processing and the reporting expectations of Europe.
“It’s our cocoa they use in making chocolates and all of that. But if you don’t pay attention to deforestation, the way you arrange your farmland, the way you process your, I mean, and all of these things, your products or how good will not be competitive, and that is the real issue.”
