In the year 2015, fluntuation in oil price drove Nigeria economy into a huge downfall, due to the country’s major revenue on oil production.Diversification is necessary and essential in building a robust national revenue.
However, Cocoa had played a reliable role in economy development in the early 1950s and 60s prior to the discovery of crude oil in 1966. Cocoa production decreases per decade from 420,000 tons in the ‘60s to 170,000 tons in late 90s. Statistics had shown its increase to 389,272 tons between 2000 and 2010, but decreases to 192,000 tons in 2015 and 2016.
Certainly, agricultural commodities most especially Cocao should be given adequate attention by the government and farmers. The urgent need for diversification of Nigeria economy requires logical actions, as investment in the cocoa industry should be an alternative to oil production.
The climate condition is favourable for the growth of Cocoa in the westhern region, namely Ondo, Ogun, Osun, Oyo and Ekiti. Ondo, the largest cocoa producing state with an output capacity of about 77,000 tons per annum, however, cocoa industry has significant potential in economy development, but is still underutilized.
Cocoa is the most desirable and demanding agricultural commodities in both local and international market, it is a perennial crop that survive for decades, once it's planted and nortured well.
In conclusion, government should encourage local investors and private sector participants by providing necessary modern technology, encouraging younger generations into the cocoa enterprise and the promotion of cocoa value at its grass root.
However, Cocoa had played a reliable role in economy development in the early 1950s and 60s prior to the discovery of crude oil in 1966. Cocoa production decreases per decade from 420,000 tons in the ‘60s to 170,000 tons in late 90s. Statistics had shown its increase to 389,272 tons between 2000 and 2010, but decreases to 192,000 tons in 2015 and 2016.
Certainly, agricultural commodities most especially Cocao should be given adequate attention by the government and farmers. The urgent need for diversification of Nigeria economy requires logical actions, as investment in the cocoa industry should be an alternative to oil production.
The climate condition is favourable for the growth of Cocoa in the westhern region, namely Ondo, Ogun, Osun, Oyo and Ekiti. Ondo, the largest cocoa producing state with an output capacity of about 77,000 tons per annum, however, cocoa industry has significant potential in economy development, but is still underutilized.
Cocoa is the most desirable and demanding agricultural commodities in both local and international market, it is a perennial crop that survive for decades, once it's planted and nortured well.
In conclusion, government should encourage local investors and private sector participants by providing necessary modern technology, encouraging younger generations into the cocoa enterprise and the promotion of cocoa value at its grass root.
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