In a bid to boost cocoa production in Nigeria, the Nigeria Export-Import Bank (NEXIM) has launched a digital hub, Cocoa Connect Africa.
The Cocoa Connect Africa was built by NEXIM Bank in collaboration with its long-term partner, Sapphital Limited, a leading digital company in Nigeria.
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.
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“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.
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“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.
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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 will continue to do more,” she averred.
