Minister Tasks Cocoa Processing Firm On Facility Upgrade

Senator John Owan Enoh, the Minister of State for Industries, has urged the management of the Ikom Cocoa Processing Factory to expedite the upgrade of its facilities to meet international standards, thereby positioning the factory to benefit from federal government support.

The minister made the call during an interactive session with the factory’s management in Ikom, Cross River State, following an inspection of the factory’s facilities on Tuesday.

Senator Enoh acknowledged that while the current facilities at the factory are good, there is a need for further upgrades to prepare for future challenges, especially as the factory becomes fully operational. He emphasized that only by meeting international standards would the facility be eligible for various federal government incentives available to industries.

“My mandate is to champion industries, the processing of raw materials, and the development of goods,” the minister stated. “This facility represents the first real attempt, and we must ensure that it is standardized to access the federal government’s support for industries.”

Enoh also pointed out that cocoa processing has been a priority in both domestic and international conferences he has attended, and as the Minister of Industries, he is committed to ensuring that Nigeria’s cocoa sector meets the growing demand for processed cocoa products.

He stressed the importance of ensuring that there is sufficient cocoa supply to feed the factory and other industries, emphasizing the need to have a fully functional cocoa processing factory in Ikom, capable of absorbing local cocoa production.

“If you work hard and honestly, I can assure you of assistance,” Enoh said. “The Ministry of Trade and Investment has various incentives in place to support industries. We have already granted numerous approvals for Import Duty Exemption Certificates (IDEC) for companies importing machinery to boost their operations.”

Enoh further highlighted the role of the Bank of Industry (BOI) in providing financial support to businesses, including loans with single-digit interest rates. He encouraged the Ikom Cocoa Processing Factory to take advantage of such opportunities to finance its upgrades.

“If commercial banks offer loans at 35 percent interest, the Bank of Industry can provide loans at below 10 percent,” he said, stressing that the factory must work hard to ensure it becomes a fully functional industry that can contribute to Nigeria’s economic development.

Chief Chris Agara, Managing Director of AA Universal Bean & Co. Ltd, which operates the Ikom Cocoa Processing Factory, assured the minister that the company is committed to upgrading its facility to international standards, allowing it to fully kick-start operations.