US removes export duties on Nigerian cocoa, other products to boost economy
The United States has announced the removal of export duties on cocoa and other Nigerian products as part of an initiative to stimulate the nation’s economy.
President Joe Biden made the disclosure during the inauguration of the 2nd National Working Committee of the Cocoa Farmers Association of Nigeria (CFAN). Franklin Amao, a member of the Advisory Council on the Ease of Doing Business in Africa, represented President Biden at the event.
President Biden emphasized that the United States has implemented the African Growth and Opportunities Act, which facilitates the entry of Nigerian products into America without the burden of duties.
He urged Nigeria to seize the opportunity by investing in cocoa production, processing, and exportation to drive economic prosperity.
Additionally, President Biden expressed the American government’s commitment to providing investment funds for Nigeria and encouraging greater engagement between U.S. companies and the Nigerian economy.
The Ooni of Ife, Oba Adeyeye Ogunwusi, represented by Oba Muraina Adedina, the Asanya of Isanya Kingdom, called on the Federal Government to partner with CFAN to enhance the cocoa industry.
Despite being the world’s fourth-largest cocoa producer, Nigeria has struggled to realize its full potential due to insufficient infrastructure for cocoa processing, resulting in the majority of cocoa being exported as raw materials.
Comrade Adeola Adegoke, the CFAN National President, urged President Bola Tinubu to implement progressive policies and programs that would promote investment in the cocoa value chain.
