U.S. removes export duty on cocoa, others from Nigeria

The United States has announced the removal of export duties on cocoa and some other produce from Nigeria as part of the U.S. incentives to boost Nigerian economy. U.S. President, Joe Biden, announced this during the inauguration of the 2nd National Working Committee of Cocoa Farmers Association of Nigeria (CFAN). Biden was represented at the event by a member of U.S. Advisory Council on the Ease of Doing Business in Africa, Franklin Amao. He said the U.S had implemented African Growth and Opportunities Act which allowed products from Nigeria into America on free waybill. Biden advised Nigeria to take advantage of this additional opportunity by investing in cocoa production, processing and exportation to stimulate her economy to prosperity.

He said that American government was working relentlessly toward 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, called on Federal Government to partner CFAN to improve the cocoa industry.

Adewusi was represented by the Asanya of Isanya Kingdom, Oba Muraina Adedina. He said that Nigeria, currently the fourth largest cocoa producer in the world, had lived below expectation due to lack of infrastructure to process cocoa, most of which are exported as raw. The CFAN National President, Comrade Adeola Adegoke, urged President Bola Tinubu to implement radical policies to boost investment in the cocoa value chain.