Nigeria takes action to protect $20 billion cocoa industry – News – The Guardian Nigeria News – Nigeria and World News

To prosper, we must make exports a priority, says Adebayo
To avoid losing more than $20 billion in cocoa exports over three years, stakeholders are taking proactive measures before the European Union Deforestation Regulation (EUDR) expires.

Also, the Social Democratic Party (SDP) presidential candidate for the 2023 elections, Adewole Adebayo, stressed that Nigeria cannot afford to fail in international trade; therefore, it must give priority to exports.

The EUDR ensures that products sold in the EU are sustainably sourced and produced legally, banning products linked to global deforestation, forest degradation and biodiversity loss. It also aims to promote deforestation-free supply chains, reduce the EU’s contribution to greenhouse gas emissions and protect human rights, including the rights of indigenous peoples. It came into force on June 29, 2023, following a phased implementation schedule that will culminate in full implementation by December 30, 2024.

Products covered by the EUDR include cocoa, palm oil, cattle products, soybeans, coffee, timber and rubber, as well as their derivatives (beef, furniture and chocolate). With the EU attracting 67 percent of Nigeria’s cocoa exports, industry stakeholders say preparedness in the sector is “particularly important.”

At the meeting in Abuja, stakeholders received a report on an EU-funded study analyzing the readiness of cocoa and its value chains to comply with the regulation.

Head of Cooperation at the EU Delegation to Nigeria and ECOWAS, Massimo De Luca, said the EU wants to develop a strategy that protects the environment and mitigates the effects of climate change.

“When cocoa is grown, virgin lands are cleared and farmers use such forested land for farming. This is why EUDR is important to prevent deforestation, and why the EU is here to support local farmers with improved agro-ecological practices and increased productivity,” he said.

The workshop also introduced the EU Corporate Sustainability Due Diligence Directive (CS3D), a new legislative instrument that applies across value chains and requires companies to minimize negative environmental and social impacts when carrying out their economic activities.

Explaining the importance of CS3D, Massimo De Luca added: “From water to child labor, companies need to assess the risks associated with their operations and measures to address them, including compliance with national and international standards.”

Represented by Ajayi Olutobaba, Deputy Director (Cocoa)/Member National Cocoa Management Committee, Federal Ministry of Agriculture and Food Security, the Minister of Agriculture and Food Security, Abubakar Kyari, welcomed the EU partnership with the ministry and the introduction of EUDR.

According to the Cocoa Farmers Association of Nigeria (CFAN), cocoa in Nigeria could be at risk if the Federal Government does not take the necessary legal steps to address the issue.

However, he assured the EU that steps were being taken to comply with best practice.
At the launch of the Bashir Adeniyi Center for International Trade and Investment, organized by the Nigerian Institute of International Affairs (NIIA), Adebayo emphasized the historical importance of trade in shaping Nigeria.

He emphasized the need to recognize the changing global landscape and adapt to emerging challenges.

Reflecting on Nigeria’s rich trading history, the former presidential candidate said: “Anyone who wants to spend time studying the history of Nigeria knows that this country should not fail in trade because it was created from trade.”

He called for a renewed focus on self-sufficiency, arguing that countries must produce more rather than become mere consumers.