Nigeria to adopt LID scheme for cocoa farmers

Nigeria says it is ready to join Ghana and Cote d’Ivoire in implementing the cocoa producers living income differential of $400 per tonne to enhance the livelihood of farmers. Akin Laoye, the CEO of FTN Cocoa Processors, has shared insights on how Nigeria plans to adopt the scheme and collaborate with other countries to boost the cocoa industry. Laoye expressed his thoughts on the unique challenges faced by Nigerian cocoa farmers and the need for strategic thinking to address key issues in the sector. As the cocoa value chain in Nigeria grapples with various challenges, including pricing concerns and lack of regulation, stakeholders are urged to focus on enhancing the processing industry, reducing production costs, and improving power supply. Collaborating with Ghana and Cote d’Ivoire presents an opportunity for Nigeria to align its practices with successful cocoa-producing nations and boost its competitiveness in the global market. By addressing critical issues and aligning with industry best practices, Nigeria aims to improve its share in the global cocoa industry and pave the way for sustainable growth and profitability for cocoa farmers.