The United States has announced the removal of export duties on cocoa and other Nigerian products as a measure to support the country’s economy.
President Joe Biden, speaking through Franklin Amao of the Advisory Council on the Ease of Doing Business in Africa, revealed this during the inauguration of the 2nd National Working Committee of the Cocoa Farmers Association of Nigeria.
The move is in line with the implementation of the African Growth and Opportunities Act, enabling Nigerian products to enter the United States without any fees or restrictions.
According to a report published by thenationonline.net, He said Nigeria should take advantage of the opportunity by investing in cocoa production, processing and exportation to stimulate her economy to prosperity. Biden added that American government is working relentlessly towards providing investment funds for Nigeria, noting that he was committed to the nation’s growth and development. “The US government is dearly interested in seeing more private sectors involved in the US Companies to engage with the Nigeria economy.
I want Nigerians to be aware of African Growth and Opportunities Acts which allows products coming from Africa into US free. Nigeria should take advantage of this opportunity by investing in cocoa production, processing and exportation to stimulate her economy.” The Ooni of Ife, Oba Adeyeye Ogunwusi, who was represented by the Asanya of Isanya Kingdom, Oba Muraina Adedina, called on Federal Government to partner CFAN to improve the cocoa industry.
He said that Nigeria, currently the fourth largest cocoa producer in the world, had lived below expectations due to a lack of infrastructures to process cocoa, most of which are exported as raw materials. The CFAN National President, Comrade Adeola Adegoke urged President Bola Tinubu to implement radical policies and programme that would boost investment in the cocoa value chain.
