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Nigeria risks losing $20bn in cocoa exports-FRC

The Executive Secretary and Chief Financial Officer of the Financial Reporting Council of Nigeria, Rabiu Olowo, has said Nigeria is at risk of losing over $20bn in cocoa exports within the next three years.

He said the loss is likely to occur if the nation does not align with the sustainability adoption road map which will affect the processing and the trade acceptance of the product in Europe.

Olowo said this when the council received a delegation from the House of Representatives Committee on Commerce led by lawmakers representing Lere Federal Constituency in Kaduna State, Ahmed Munir, on Monday in Abuja.

He said adequate attention must be paid to deforestation and farmland management, as the issue of sustainability is very important.

Munir said, “It will interest you to note that the issue of sustainability is absolutely important, that’s why we’re driving it very, very rigorously.

“Nigeria is on the brink of losing over $20 billion in cocoa exports within the next three years if we do not align ourselves with the processing and the reporting expectations of Europe.

“It’s our cocoa they use in making chocolates and all of that. But if you don’t pay attention to deforestation, the way you arrange your farmland, the way you process your, I mean, and all of these things, your products or how good will not be competitive, and that is the real issue.”

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