Bank of Industry of Nigeria to use 70 percent of 85 million euro loan to support cocoa and dairy sectors
Poin Utama
- 1. BOI will allocate 70 percent of the EIB-backed 85 million euro loan facility to support the cocoa and dairy sectors.
- 2. To prioritize local processing and production, funds will be directly transferred to farmers, cooperatives, and local businesses.
- 3. Although Africa produces about 70 percent of global cocoa, it captures a very small share of the global chocolate industry's revenue.
- 4. Nigeria plans to increase agricultural value addition to achieve its goal of a 1 trillion dollar economy by 2030.
Dalam Angka
The Bank of Industry (BOI) of Nigeria will use approximately 70 percent of the 85 million euro loan package received from the European Investment Bank (EIB) to finance the country's cocoa and dairy sectors. This financing is provided under the Global Gateway Initiative supported by the European Union and aims to promote inclusive growth in priority sectors.
The secured funds will be transferred to farmers, cooperatives, and SMEs to create added value in processing, content production, and chocolate manufacturing. BOI aims to help Nigeria create permanent employment and tax revenue domestically by encouraging local processing and production rather than exporting raw beans. Additionally, the bank will provide technical support for producers to comply with international standards, including the EU Deforestation Regulation.
This move also reflects Africa's goal of transitioning from raw cocoa exports to creating processed products and brands in international markets. Regarding this matter, at the Cocoa Value-Added Summit held in Abuja, countries including Nigeria, Ghana, Côte d'Ivoire, and Cameroon signed the Abuja Declaration to establish the Cocoa Value-Added Alliance (CVAA).
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Pertanyaan Umum
- 1. Q: What is the total amount of the loan package provided by the European Investment Bank?
- A: The total amount of the loan package provided by the EIB and supported by the EU is 85 million euros.
- 2. Q: Which areas will be focused on in Nigeria under the new financing?
- A: The funds will focus on local value-adding production facilities, especially in cocoa processing, chocolate manufacturing, content production, and the dairy sector.
- 3. Q: What is the main goal of the Nigerian government in the cocoa sector?
- A: To reduce the country's raw cocoa exports by processing products locally and creating its own brands for international markets.
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