Now that we are officially in a recession, there is an urgent need to start thinking about the options we have in reinjecting life into our economy. I heard the government is planning on selling off some national assets. It is also thinking about “confiscating” unclaimed monies in banks and in the stock market. This idea is enough to make one cringe in horror.
Nigeria is the fourth-largest producer of cocoa beans in the world, behind Cote d’Ivoire, Ghana and Indonesia. Before independence, cocoa generated about 90 per cent of Nigeria’s foreign exchange earnings. Today, about 300,000 to 350,000 tonnes of cocoa are produced every year, but more than 96 per cent of this is exported. This looks good on the surface; but when one looks deeply, the Nigerian government’s policy on cocoa export is killing our economy.
Sadly, it never dawned on some unpatriotic elements that many countries were actually envious of us for hosting such an important entity; which has the same gravitas as the Organisation of Oil Exporting Countries. Naturally, there are advantages in hosting such a global cartel. It then follows that some interests would give anything to see it die.
The world’s largest free trade area since the World Trade Organisation is now about becoming a reality. Nigeria has just ratified it, as it comes into effect on January 1, 2021. It is a key move for the ambitions of AfCFTA, given Nigeria’s status not just as one of the continent’s largest economies but also as its most populous country. Now that it is on stream, AfCFTA aims to create a single market for goods and services in Africa. We cannot afford to lag behind again.
I am saying all this because I remember the other time we fell into recession in 2016, the government of Ecuador offered to help Nigeria develop its cocoa industry. The country’s ambassador told Nigeria that it needed to start cocoa processing and eventually raise a chocolate-making plant within its shores as a way of maximising its natural endowment of cocoa, just as Ecuador is doing. This was a very important diplomatic overture. Did we do as Ecuador advised? No.
Busy
THIS DUDE'S FACE HAS ALWAYS BEEN THIS. WHAT?
Does he even know what cocoa is?
Is it a Fulani tin?........or else equivalent 2 cow so wetin concern am?
As a way of improving the economy Federal Government empowerment loan is out to full time business men/women,Note loan are from the minimum of (200,000.00 to the maximum of 10,000,000.00).Contact Hon,Adams on +2349034957596 for more details about the loan program).
He can not start what he can not finish.
TradeInvestNG a sublime question for your minister, the honourable NiyiAdebayo_ .
Govt has no business in business. Let the private sector drive the value added business.