President of CFAN, Adeola Adegoke, says country losing about 60 billion naira yearly.

Written by on February 11, 2022

President of the Cocoa Farmers’ Association of Nigeria (CFAN), Adeola Adegoke, says the country is losing about 60 billion naira yearly as a result of refusal to collect Living Income Differential for cocoa producers.

Adegoke said this on Thursday, in Abuja, during a workshop organised by Agricultural Policy Research in Africa (APRA), in conjunction with the University of Ibadan.

According to him, there is the need to follow international best practices that support the production of cocoa in the world.

He said that the foreign exchange deficit being experienced at the moment can only be solved by the cocoa economy.

Report says that Living Income Differential is a cocoa pricing agreement first launched in Cote d’Ivoire and Ghana to help cocoa farmers escape from poverty by adding a premium to the prevailing market price.

Kevin Madu

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