Nigeria's Bank of Industry has landed a €60 million credit facility from the European Investment Bank to boost cocoa and dairy value addition across the country. The funds will support processing, ingredients and chocolate manufacturing initiatives, managing director Dr.
Olasupo Olusi revealed at the Africa Cocoa Summit in Abuja on July 14.
The Federal Ministry of Industry, Trade and Investment organised the summit, officially titled the Cocoa Value Addition Summit with the theme "From Bean to Brand." It brought together leaders and stakeholders from Nigeria, Ghana, Côte d'Ivoire and Cameroon to chart a new course for African cocoa producers.
The €60 million forms part of a larger €85 million BoI-EIB facility, backed by the European Union's Global Gateway initiative and designed to strengthen Nigeria's agricultural sectors. According to Olusi, about 70% of this funding will flow into cocoa and dairy development.
Summit participants signed the Abuja Declaration, establishing the Cocoa Value Addition Alliance (CVAA) to drive the continental shift away from exporting raw materials. President Bola Tinubu, represented by Senator Abubakar Kyari, the minister of agriculture and food security, urged producing nations to prioritise local processing and capture a bigger slice of the global chocolate market's profits.
Kyari emphasised Africa's need to break its dependence on exporting unprocessed cocoa beans. The move signals renewed commitment to building value chains that keep wealth within the continent.
