By Diversification is no longer a myth but a reality as Cocoa become the largest non-oil foreign exchange earner for Nigeria, as well as providing sources of employment to millions of Nigerians as farmers, processors, licensed buying agents, marketers, and exporters. Cocoa contributes about 41.6% to Nigeria’s export earnings and currently, Nigeria is ranked 4th in cocoa production behind Cote d’Ivoire, Ghana, and Indonesia in the world, with a production capacity of 340,163 tonnes according to the National Bureau of Statistics.
Cocoa was a major agricultural export commodity in Nigeria and a top foreign exchange earner in the 1950s and 60s. In 2020, Nigeria is the sixth largest producer of Cocoa while now the fourth largest producer. President Buhari has laid very good foundations for a prosperous country but the people are not really feeling the impact of what his government is doing because Nigeria doesn’t have a price control policy. The government policy aimed at improving food production, through land reform, mass literacy, affordable funding, subsidised farm inputs, research, mechanisation, linkages and extension services, yet food prices have continued to rise.
An emerging economy like Nigeria with the instability of food prices forcing low-income households down below the poverty line needs a food control policy to stabilize food prices, although some would say a price control policy will not work in Nigeria but with political will and a good framework, the policy will work and stabilize food prices, also it will reduce the inflation rate, which would lead to the social stability of the country.
