Cocoa processors in Nigeria have invested billions of naira in the cocoa value chain in response to the Federal Government’s call for value addition to the agricultural produce meant for export.
A prominent cocoa processor and Managing Director, Ile Oluji Nigeria Limited says the current capacity utilisation in the industry is less than 20 per cent and the sector as a whole is losing about N720bn annually.
He added that for cocoa producers in the country to underwrite debts owed to banks, the government must intervene in terms of facilitating long-term fixed asset refinancing loans at a single-digit interest rate.
Some cocoa processors say Nigerian banks are unwilling to finance long-term projects.
