NEXIM Bank unveils digital hub to boost cocoa production in Nigeria

THE Nigeria Export-Import Bank (NEXIM) has launched a digital hub, Cocoa Connect Africa targeted at boosting cocoa production in the country.

This is just as the bank stated that it is being driven by a renewed thinking that will achieve the renewed hope target of $1 trillion economy, in line with the vision of President Bola Tinubu.

Managing Director, NEXIM, Abubakar Bello, explained that the move is to bring every activity of every stakeholder in the cocoa industry and the cocoa ecosystem under one platform.

Abubakar stated this on the sidelines of the International Cocoa and Chocolate Forum, tagged ‘Putting values in cocoa in producing regions’ in Lagos.

“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,” he said.

Furthermore, Abubakar said, “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.”

He informed that the launch of the platform is not for profit making, but to boost trade facilitation and setting standards for traceability.

“The platform can be used to educate farmers, it can be used to educate regulators and to pass information on latest developments.

“We must create an awareness for farmers on the latest trends, there is also a need for effective regulation in the value chain,” he said.

The NEXIM Bank MD pointed out that the vision of the digital hub is to unlock the boundless potential of Cocoa in Africa.

“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,” he noted.

On her part, the Executive Director, Business Development of NEXIM bank, Hon. Stella Okotete, said the Bank has supported Cocoa exporters with over N100bn in the last 7 years with all facilities performing and creating Jobs for over 7000 Direct and 70,000 indirect Jobs for Nigerians.

She added that amongst others, NEXIM Bank created a Small and Medium Exporters Facility (SMEF) to support exporters, stressing that NEXIM has been supporting suppliers by growing their capacities.

She, however, commended the young entrepreneurs who are making impacts in the Cocoa value chain and assured them of her support through the Bank.

Okotete added that with the recent spike in the prices of cocoa, the bank has opened up its refinancing windows to support exporters with single digit loans.

“We are sure that the cocoa exporters will take advantage of the opportunity, because it will help them to reduce the burden of the double digit interest rate. We are ensuring that we would continue to do more,” she averred.

On his part, the Oloni of Eti-Oni, Osun State and Founder, International Cocoa Diplomacy, Oba Dokun Thomson Gureje, said the International Cocoa and Chocolate Forum by International Cocoa Diplomacy is a platform for networking, partnerships, collaboration, ideas and cultural exchange, bilateral trade, opportunities, learning and forming new alliances.

He said that the forum is a follow up on the discussion at the recently concluded UK edition in October 2023 which had the theme: The new EU policy, its effect on cocoa producing regions and the way forward for the global cocoa trade and an industry that supports transformation with regard to the resilience of cocoa farmers.

“It is a call to action to continue the discussion where policy formation will meet investment requirements for the sole purpose of creating the cocoa culture that will begin to intentionally add value to cocoa and create wealth and prosperity at origin to reduce dominance of the industry by consuming regions and to also explore ways for shared value purposes putting into consideration the new EUDR and COP28 Resolutions,” he said.

He added that the forum is also to bring policy makers, financial institutions and stakeholders from across the continent to exploit ways of taking advantage of AfCFTA and other emerging cocoa and chocolate markets.

The Cocoa Connect Africa was built by NEXIM Bank in collaboration with its long-term partner, Sapphital Limited, a leading digital company in Nigeria.

Other participants at the event were representatives of Lagos and Osun State Governors among others.