Nigerian government working to incentivize investment for cocoa processing

The Federal Ministry of Industry, Trade, and Investment in conjunction with Chambers of Commerce and Industry across the country are working to incentivize investment through venture capital, private equity companies. The purpose is to set up cocoa processing plants for cocoa powder, cake, cream before export in order to prevent capital flight, create employment and strengthen the cocoa value chain. Talks are currently underway as some firms are already processing their import duty exemption certificates to enable them to import this processing equipment.