- The firm also plans to support cocoa farmers with high-quality pesticides to combat black pod disease and other threats to cocoa production
The Ikom Cocoa Processing Factory in Cross River State has the potential to generate between $400 million and $600 million annually for Nigeria, according to its management, AA Universal Bean and Co Ltd.
The company’s chairman, Chief Chris Agara, revealed this during a telephone conversation with journalists in Calabar on Sunday.
Agara said the factory, operating in partnership with AA Universal Industries Ltd and Israel’s LR Group, aims to maximise local cocoa processing by producing cocoa butter, cocoa liquor, cocoa powder, and possibly chocolate.
“We don’t want to export cocoa beans any longer,” he said. “We have a grant agreement with the United States government through the United States Department of Trade and Development Agency.”
The firm also plans to support cocoa farmers with high-quality pesticides to combat black pod disease and other threats to cocoa production.
Agara added that the company would pay beyond the current premium price for cocoa beans, offering better support to local farmers.
The cocoa processing firm is set to launch a microfinance bank for farmers and provide them with fertilisers, chemicals, and modern farming techniques.
“Our updated and current farming methodology would enable farmers to harvest up to 3.5 tonnes of cocoa per hectare, compared to the current 400kg per hectare,” Agara said.
The initiative includes helping farmers regenerate old farms and develop new greenfield farms using protocols successfully implemented in Ecuador.
The project is expected to enhance local agriculture, reduce dependence on raw cocoa exports, and boost Nigeria’s economy.
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