The Bank of Industry has obtained a 60 million euro loan from the European Investment Bank to support local cocoa and dairy processing in Nigeria. This initiative targets improvements in ingredient production and chocolate manufacturing. Dr. Olasupo Olusi, the head of the financial institution, announced the funding at the Africa Cocoa Summit held in Abuja on July 14. Organized by the Federal Ministry of Industry, Trade and Investment, the event focused on moving away from raw bean exports toward domestic branding.
The summit, themed From Bean to Brand, gathered representatives from Nigeria, Ghana, Côte d’Ivoire, and Cameroon. These nations committed to the Abuja Declaration to form the Cocoa Value Addition Alliance. Dr. Olusi noted that the 60 million euro funding is a segment of an 85 million euro arrangement supported by the European Union through its Global Gateway program. President Bola Tinubu, speaking through Agriculture Minister Senator Abubakar Kyari, emphasized the need for African countries to increase local value addition to secure greater financial gains within the international chocolate market.
