The federal government on Tuesday promised to boost its cocoa production to 500,000 metric tonnes by 2025 from the 340,000 recorded in 2022.

Permanent Secretary, Federal Ministry of Industry, Trade, and Investments, Nura Rimi, stated this at the Pre-National Trade Dialogue Series meeting in Abuja.

The theme of the programme is “The State of Nigeria’s Global Trade Ecosystem: Bridging the Gaps for a Renewed Programme.”

The permanent secretary was represented by the Ministry’s Director of Commodities and Export, Kaura Irmiya.

Mr Rimi, while highlighting the importance of cocoa in the nation’s economic development, said that Nigeria was the world’s sixth-largest cocoa producer.

“Our cocoa exports have grown significantly, with a revenue increase of 50 percent in 2022. We aim to increase cocoa production to 500,000 metric tonnes by 2025. Our investment partnerships have been instrumental in driving growth in various sectors of our economy,” he said.

According to him, strategic partnerships with international organisations such as the International Cocoa Organisation (ICCO) and the African Cocoa Fund, among others, have been pivotal in this progress.

Mr Rimi also revealed that Nigeria’s investment landscape has improved significantly, attracting over $2 billion dollars in foreign direct investment (FDI) in 2023.

He said sectors such as manufacturing, agriculture, and energy have benefited from this influx and he commended the government’s initiatives to create an enabling environment for businesses.

He listed some of the initiatives, which include the establishment of free trade zones, the simplification of business registration processes, and the provision of incentives for investors.

Mr Rimi said some of the challenges, such as infrastructure deficits, regulatory bottlenecks, and corruption, needed to be addressed to fully realise the potential of Nigeria’s investment and collaboration partnerships.

The permanent secretary noted that security concerns in certain regions were another challenge that could deter investments and impede economic growth.

He, therefore, called for continued efforts to attract more investments, promote trade, and build partnerships in the country.

He said, “As we look to the future, we must build on our progress so far. We must continue to attract investments, promote trade, and strengthen our partnerships. We must also address the challenges that we face and work towards creating a more conducive business environment. We must promote innovation, entrepreneurship, and skills development, and we must ensure that our partnerships are mutually beneficial and sustainable.’’

The permanent secretary said Nigeria’s investment and collaboration partnerships had the power to drive growth, create jobs, and improve living standards.

Mr Rimi, however, called for continued collaboration to address the gaps in the global trade ecosystem and promote a renewed programme for the country’s economic development.

Also speaking, Director-General of the Nigerian Office for Trade Negotiations, Fred Agah, said that the government had a major role to play in boosting trade.

Mr Agah advised the government to create policies to mitigate risks encountered by the private sector and ensure ease of doing business.

He also called for stakeholder collaboration, saying that one player alone could not achieve the set goal.

Government officials, stakeholders, and investors in the sector attended the event.

(NAN)