Nigeria\u2019s Export Import Bank, (NEXIM) Managing Director, Mr. Abba Bello, has claimed that raw cocoa exports are responsible for Nigeria losing up to $190billion per annum.<\/p>\n\n\n\n
In a headline-grabbing statement, Bello said that he believed Nigeria\u2019s revenues from cocoa exports should be a whopping $200bn but the country is short-changing itself by exporting the raw beans instead.<\/p>\n\n\n\n
The statement is a gross simplification of the issue, but Mr Bello, who seems to be following Ghana\u2019s lead in calling for the country to move production up the value chain, knows that. <\/p>\n\n\n\n
His intent is to draw attention to the money \u2018left on the table\u2019 by not having the capacity to process the cocoa internally after decades of under-investment in the sector. This is also something that Mr Bello admits, in stating that his objective was to get investors, exporters and policymakers to start to orient themselves to this concept.<\/p>\n\n\n\n
Mr Bello admitted that the country had been too reliant on oil, which has been the country\u2019s main source of dollar currency – something Nigeria needs in their financial system. But he now wants to see more diversification, and he has the cocoa sector in his sights.<\/p>\n\n\n\n
Currently, Nigeria earns about $10bn from cocoa exports, only one-twentieth of what Mr Bello believes is the country\u2019s potential if they processed the raw beans and exported semi-finished product.<\/p>\n\n\n\n