As parts of its measures to generate more revenue for Nigeria, the Nigeria Export Promotion Council (NEPC) has expressed its preparedness to increase the export expansion grants for companies engaging in the export of cocoa beans or its finished products.

Executive Director of NEPC, Mr Segun Awolowo disclosed the plan of the council during a working visit to Ile-Oluji Cocoa Processing Limited, located at the headquarters Ile Oluji/Okeigbo in Ondo State.

Awolowo, who was represented by an Assistant Director in the council, Mr Babatunde Faleke emphasised the need for collaboration among the relevant  government agencies to improve on non-oil export sector of Nigerian economy particularly Cocoa production and processing.

The NEPC Director’s disclosure came against the remark of the Managing Director of Cocoa Products (Ile-oluji) Limited, Mr Akin Olusuyi, who said about 85per cent of the total Cocoa production in Nigeria, is exported as beans.

Olusuyi expressed worry that only 15 per cent of the nation’s cocoa production is being processed locally into butter, liquor, powder and cake before being exported, which had been leading to loss of jobs and other economic benefits.

Concerned by the revelation, Awolowo said since Nigerian's crude oil wealth continues to dwindle every day, the Agricultural Sector has the potential to revive the country’s economy if adequately explored.

Awolowo, who noted that cocoa production is one of the great options for the country's movement towards a diversified economy, said there is need for holistic revamping of the cocoa industry for effective revenue generation.

He however, called for more collaboration among relevant government agencies to create the needed incentives for full utilisation of the huge potential in Cocoa industry.

"The essence of the visit is to appreciate the effort of the industry and to find out how they are thriving despite challenges they have and see what we can recommend to government as a form of assistance and policy issues that can give them leverage, knowing fully that the issue of dwindling oil revenue is a reality that we must do something about.

"There is need for collective effort beyond leap service to support and move the sector forward. Cocoa is the pride of this nation and it has been used to develop a lot of things in this country and it must be supported in all ramifications, so that we can get to the level that we desire”, he said.

He also said the council is thinking on Export Development Fund which could be used to support the industry further in their drive to promote the industry.

While commenting on the need to have improved cocoa product in the country, Awolowo said the issue goes beyond what the people in the industry alone can handle stressing the need for synergy at all levels.

“The problem highlighted is not one way, it is multilevel problem which every government agents have to come together to address”, he said

The company’s Managing Director, who was represented by the Assistant General Manager Engineering, Mr. David Akande explained that major challenges facing the industry include unstable power supply and the quality of cocoa beans the company is getting from farmers.

Olusuyi urged the federal government to improve power supply and facilitate low interest rate and long-term payment facility available to the industry to reduce the cost of production.