Nigeria Export-Import Bank (NEXIM) launches Cocoa Connect Africa (CCA) to enhance cocoa production. Unveiled during the International Cocoa and Chocolate Forum in Lagos State, the digital hub aims to revolutionize cocoa industry practices by streamlining trade, fostering market connections, and facilitating information exchange. The platform consolidates stakeholders in the cocoa industry under a single digital space, emphasizing the significance of efficient connections and market information. NEXIM Bank, with a proven track record of supporting cocoa exporters, has contributed over $104.3 million in the past seven years, creating jobs and aiding exporters in managing financial challenges.
The Nigerian cocoa industry, valued at over $200 billion, significantly contributes to global cocoa output. Despite producing 208 megatonnes of cocoa beans, a 2021 International Trade Centre (ITC) report revealed a total income of only $628 million. Cocoa Connect Africa aims to address these disparities, providing a crucial platform for trade facilitation, setting standards for traceability, and fostering awareness and education among farmers and regulators.