In a significant move aimed at bolstering cocoa production within Nigeria, the Nigeria Export-Import Bank (NEXIM Bank) has unveiled a revolutionary digital hub known as ‘Cocoa Connect Africa.’ The launch was announced by Abubakar Bello, Managing Director of NEXIM Bank, during the International Cocoa and Chocolate Forum held in Lagos State, themed ‘Putting Values in Cocoa in Producing Regions.’
The digital hub, ‘Cocoa Connect Africa,’ is designed to serve as a comprehensive platform that brings together all stakeholders within the cocoa industry. Bello explained that this initiative is intended to streamline and consolidate every facet of cocoa-related activities under one digital roof.
This strategic digital infrastructure aims to simplify trade processes and facilitate interactions between various stakeholders across the cocoa value chain. Bello emphasised the importance of digitalisation in today’s world of commerce and its potential to transform the cocoa industry. He stated, “It is about somebody who has products and meeting someone who is interested in the product. It is about connection and market information. We are putting all the stakeholders on the value chain for different commodities, but the one we launched today is for cocoa, and we are also doing the same for cashew. We are also doing so for Shea. The idea is to have a cluster because today everything is done digitally, why should our trade be lagging behind? We must create a platform for every stakeholder to log in to purchase what they want digitally from their comfort zones.”
Furthermore, the digital platform aspires to enhance trade facilitation and establish traceability standards within the cocoa industry. It will also serve as a valuable educational tool for farmers, regulators, and other stakeholders, providing up-to-date information on industry developments and best practices.
Abubakar Bello conveyed the vision behind the digital hub, stating, “At Cocoa Connect Africa, we offer more than just a platform; we provide an immersive experience tailored to elevate your journey in the cocoa industry.”
Stella Okotete, Executive Director of Business Development at NEXIM Bank, highlighted the bank’s commitment to supporting cocoa exporters, having extended over N100 billion in support over the past seven years. She noted that this support had not only benefitted exporters but had also generated over 7,000 direct jobs and 70,000 indirect jobs in Nigeria.
In response to the recent surge in cocoa prices, NEXIM Bank has expanded its refinancing options, offering single-digit interest rate loans to exporters. Okotete encouraged cocoa exporters to capitalise on this opportunity, which could alleviate the financial burden imposed by double-digit interest rates.
The event featured esteemed participants, including Dokun Gureje, the Oloni of Eti-Oni in Osun State and Founder of International Cocoa Diplomacy, as well as representatives from the Lagos and Osun State Governors’ offices, among others.
