Close Menu
Arogidigba Global JournalArogidigba Global Journal
  • Home
  • Latest News
  • National
  • Politics
  • Entertainment
  • Sports

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

What's Hot

Simon Ekpa denies being responsibility for killings, slams Biafra radio 

May 21, 2025

Ekiti 2026: APC factions clash over Oyebanji’s re-election ambition

May 21, 2025

I resigned, not sacked — Ajiboye, ex-TRCN Registrar

May 21, 2025
Facebook X (Twitter) Instagram WhatsApp Telegram
  • About Us
  • Advert Rate
  • Get In Touch
Facebook X (Twitter) Instagram WhatsApp Telegram
Arogidigba Global JournalArogidigba Global Journal
  • Home
  • Latest News
  • National
  • Politics
  • Entertainment
  • Sports
Subscribe
Facebook X (Twitter) Instagram WhatsApp Telegram
Arogidigba Global JournalArogidigba Global Journal
You are at:Home»Editor's Picks»Nigeria risks losing $20bn in cocoa exports-FRC
Editor's Picks

Nigeria risks losing $20bn in cocoa exports-FRC

July 8, 2024No Comments3 Mins Read
Facebook Twitter Telegram LinkedIn WhatsApp Email Copy Link
Dr Rabiu Olowo
Share
Facebook Twitter LinkedIn Email Telegram WhatsApp

The Executive Secretary and Chief Financial Officer of the Financial Reporting Council of Nigeria, Rabiu Olowo, has said Nigeria is at risk of losing over $20bn in cocoa exports within the next three years.

He said the loss is likely to occur if the nation does not align with the sustainability adoption road map which will affect the processing and the trade acceptance of the product in Europe.

Olowo said this when the council received a delegation from the House of Representatives Committee on Commerce led by lawmakers representing Lere Federal Constituency in Kaduna State, Ahmed Munir, on Monday in Abuja.

He said adequate attention must be paid to deforestation and farmland management, as the issue of sustainability is very important.

Munir said, “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.”

According to CEPII research and expertise of the world economy, In 2022, Nigeria exported $489M in Cocoa Beans. The main destinations of Nigeria’s exports of Cocoa Beans were the Netherlands ($189M), Indonesia ($105M), Malaysia ($87.9M), Canada ($29.4M), and the United States ($16.9M). In 2022, Nigeria imported $47 in Cocoa Beans, mainly from Turkey ($47). These include Cocoa Beans (Raw/Roasted, Whole/Broken).

Similarly, data from the National Bureau of Statistics showed that in the first quarter of 2024, export of agricultural products was dominated by ‘Sesamum seeds’ valued at N247.75 billion, ‘Superior quality Cocoa beans,’ with N230.85 billion and ‘Standard quality Cocoa beans’ with N140.09 billion.

Further analysis showed that ‘Sesamum seeds’ worth N83.29 billion and N58.04 billion were exported to China and Japan, respectively while “Superior quality Cocoa beans, worth N112.00 billion and N48.28 billion were exported to The Netherlands and Malaysia respectively. Whereas; ‘Standard quality Cocoa beans’ worth N58.29 billion and N37.77 billion were exported to The Netherlands and Malaysia, respectively.

Olowo also disclosed that the FRC has also concluded talks with the Minister of Agriculture and the Minister of Environment, where they made very loud pronouncements and got good buying from corporate Nigeria to boost exports and increase foreign exchange earnings.

Enumeration achievements, Olowo said the council has achieved the full adoption of the international financial reporting standards, amendment of the FRC act, establishment of two new directorates and implementation of the 2020 Audit regulations among others.

In his speech, the committee chairman said its members were on the oversight function to ensure a safe and adequate environment for foreign investments.

“The House of Representatives through the various committees is to ensure the achievement of the noble goals of this administration.

“The committee is ready to ensure an ecosystem where the ease of doing business is critical and simplified and foreign direct investment is encouraged. The committee achieves this objective through oversight functions. The committee has designed a four-year strategy plan to foster a legislative framework that would be a robust climate resilience commerce that would grow the economy.”

Featured
Share. Facebook Twitter LinkedIn WhatsApp Email Telegram Copy Link
Previous ArticleA.G. Leventis Egba 2024 Undergraduate Scholarship Scheme For Nigerian Students. – Scholarships and Aid
Next Article Tinubu Condoles with Uzoka-Anite Over Mother’s Passing

Related Posts

Simon Ekpa denies being responsibility for killings, slams Biafra radio 

May 21, 2025

Ekiti 2026: APC factions clash over Oyebanji’s re-election ambition

May 21, 2025

I resigned, not sacked — Ajiboye, ex-TRCN Registrar

May 21, 2025

Leave A Reply Cancel Reply

Ads />
</a></div>		</div>

		</div>
		<div id=
Latest Posts

Simon Ekpa denies being responsibility for killings, slams Biafra radio 

May 21, 20250 Views

Ekiti 2026: APC factions clash over Oyebanji’s re-election ambition

May 21, 20250 Views

I resigned, not sacked — Ajiboye, ex-TRCN Registrar

May 21, 20250 Views

NBA condemns compulsory voting bill

May 21, 20250 Views
Don't Miss

Danish Embassy, Danish Veterinary And Food Agency, Partner NAFDAC To Combat Antimicrobial Resisitance

By Arogidigba Global JournalDecember 8, 2024

The National Agency for Food and Drug Administration and Control NAFDAC in its quest to…

CAN disburses 600 baggage of rice to Jigawa Christians

January 6, 2024

Court Nullifies Rivers 2024 Budget, Bars Fubara From Interfering In Assembly Matters

January 22, 2024

OSIEC chairmanship: I am no longer PDP member – Hashim Abioye

January 12, 2024

Senate In Rowdy Session As Lawmaker Claims ‘Older’ Senators Got N500m For Projects

March 12, 2024
Stay In Touch
  • Facebook
  • Twitter
  • Pinterest
  • Instagram
  • YouTube
  • Vimeo

Subscribe to Updates

Get the latest news from Arogidigba Global Journal

About Us
About Us

AROGIDIGBA GLOBAL NEWS…something of stupendous magnitude is a digital newspaper platform published by AROGIDIGBA MEDIA LIMITED. We are accessed all over the world on the various social media. As an independent News Organization, we are purposefully positioned to serve the Nigerian audience and the world with credible news reports and shrewd analyses.

Facebook X (Twitter) YouTube WhatsApp Reddit
Latest News

Simon Ekpa denies being responsibility for killings, slams Biafra radio 

May 21, 2025

I resigned, not sacked — Ajiboye, ex-TRCN Registrar

May 21, 2025

Vigilantes, youth thwart bandit invasion in Katsina village

May 21, 2025
Editor's Pick

Ghana pays 90% of $75m gas debt to Nigeria

May 20, 20250 Views

Aramco’s $21bn dividend payout puts NNPC in spotlight

May 20, 20253 Views

FG accuses DisCos of frustrating power sector reforms

May 20, 20255 Views
© 2025 Arogidigba Global Journal lucky lion casino
  • Home
  • Latest News

Type above and press Enter to search. Press Esc to cancel.

Ad Blocker Enabled!
Ad Blocker Enabled!
Our website is made possible by displaying online advertisements to our visitors. Please support us by disabling your Ad Blocker.