NEXIM Bank unveils digital hub to boost cocoa production

The Nigeria Export-Import Bank (NEXIM) has introduced a digital hub called 'Cocoa Connect Africa' as part of its efforts to enhance cocoa production in the country. Managing Director Abubakar Bello revealed this development during the International Cocoa and Chocolate Forum in Lagos State. The initiative aims to consolidate all cocoa industry stakeholders onto a single platform, streamlining trade processes and providing market information. Bello highlighted that the digital infrastructure will cover various commodities, starting with cocoa, and later expanding to include cashew and Shea.

The digital platform is designed to facilitate trade, set standards for traceability, and educate stakeholders such as farmers and regulators on the latest developments in the value chain. Bello emphasized the need to create awareness among farmers about emerging trends while ensuring effective regulation.

The vision of the digital hub is to unlock the vast potential of cocoa in Africa, providing a platform for stakeholders to connect, trade, and stay informed. NEXIM Bank has played a significant role in supporting cocoa exporters, contributing over $100 billion in facilities over the past seven years, leading to the creation of thousands of direct and indirect jobs in Nigeria. The bank has also opened refinancing windows to support exporters with single-digit loans in response to the recent increase in cocoa prices. Participants at the event included the Oloni of Eti-Oni, Osun State, Founder of International Cocoa Diplomacy Dokun Gureje, and representatives of Lagos and Osun State Governors, among others.