The Nigeria Export-Import Bank (NEXIM) has unveiled Cocoa Connect Africa’s digital hub, aiming to enhance cocoa production in the country.
Abubakar Bello, the Managing Director of NEXIM, explained that the platform seeks to consolidate the activities of stakeholders in the cocoa industry and ecosystem under a single digital platform.
Speaking at the International Cocoa and Chocolate Forum in Lagos, Bello emphasized the significance of digital platforms in modern trade and stressed the need for stakeholders to access market information and connect efficiently.
He said the digital hub encompasses clusters for various commodities, with dedicated sections for cocoa, cashew, and Shea.
According to him, the primary goal is to create a space where stakeholders across the value chain can digitally engage, trade, and share information.
Bello highlighted that the launch is not profit-driven but aims to boost trade facilitation and set standards for traceability in the cocoa industry.
He noted that the digital platform is expected to play a vital role in educating farmers, regulators, and other participants in the cocoa value chain.
”It will raise awareness about the latest trends and promote effective regulation within the industry,” he added.
Hon. Stella Okotete, Executive Director of Business Development at NEXIM Bank, shared insights into the bank’s support for cocoa exporters, with over N100 billion provided in the last seven years.
She stated that NEXIM has established initiatives such as the Small and Medium Exporters Facility (SMEF) to support exporters and enhance their capacities.
Okotete also commended young entrepreneurs for positively impacting the cocoa value chain and assured them of the bank’s continued support.
In response to the recent surge in cocoa prices, she said NEXIM has opened refinancing windows to offer exporters single-digit interest-rate loans.
