Why Nigeria May Lose $20b Dollars In Cocoa Exports in 3 Years –FRC

Executive Secretary/Chief Executive, Financial Reporting Council (FRC) of Nigeria, Rabiu Olowu, has warned that Nigeria is on the brink of losing over 20 billion dollars in cocoa exports within the next three years if we do not align ourselves with the processing and reporting expectations of Europe.

Olowu disclosed this when he received the leadership of the Committee on Commerce from the House of Representatives, led by its Chairman/Speaker, Ahmed Munir, on an Oversight Visit to the FRC in Abuja yesterday.

He said if the country does not pay attention to the issues of Sustainability, the issues of deforestation and how to arrange its farmland, the product will not be competitive.

The FRC boss also revealed that the Council has a sustainability adoption roadmap that transcends into 2028, and about four companies have already adopted it: “It is still not mandatory, we are doing a lot of advocacy between now and 2026 to guide companies to level up.”

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