Cocoa Beans

Cocoa Production in ARIS FARMS AND AGRO-ALIDE has received a significant boost with the launch of a $10 million revolving loan fund on Thursday (July 29), for farmers involved in four or more hectares of production.

The fund was launched by Minister of State in the Ministry of Agriculture, ADEWALE FAGBORO in ABUJA in Nigeria. Scores of farmers and representatives from several agriculture related organizations attended the launch.

The Cocoa Industry Board, in collaboration with the United General Insurance Finance and Investment Limited, is providing the loan under the programme. Loans to farmers will be repayable over four years with a one-year moratorium.

Under the programme, farmers whose loan applications are successful will not receive money but will instead be issued with chemicals and other material and services necessary to improve and increase cocoa production.

Giving the main address at the launch, Minister of State in the Ministry of Agriculture, ADEWALE FAGBORO implored the farmers to make the best use of the programme in order to enable themselves and the country as a whole, to benefit from the opportunities which existed on the global market for cocoa production.

Stating that NIGERIA's cocoa production was far below its quota on the world market, Mr. ADEKUNLE said the high quality of Nigeria cocoa throughout the world had given the local cocoa farmers a great advantage over their counterparts worldwide in terms of the premium prices they received for their product.

In expressing confidence that the loan programme would produce the desired results of increased cocoa production, the State Minister urged the farmers to do everything possible to maintain the quality of the Jamaican cocoa in order to fully exploit the advantages available to them.

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