By joshua Governor Otu Engages Bank of Industry on €85m EIB Fund For Cocoa Value Chain Development
The Office of the Special Adviser (SA) on Cocoa Produce, Cross River State, has held a strategic engagement with the Bank of Industry (BOI) at its headquarters in Abuja to explore opportunities for Cross River State cocoa farmers under the European Investment Bank (EIB) €85 Million Facility.
The meeting focused on collaboration pathways to ensure that Cross River farmers, cooperatives, and agro-processors benefit from the facility aimed at expanding cocoa production, boosting local processing, and ensuring EUDR compliance for access to global markets.
According to Hon. Paul Ndik, the Special Adviser on Cocoa Produce to Governor Bassey Otu, “The engagement is in direct alignment with the agricultural and industrialization agenda of His Excellency, Senator Prince Bassey Edet Otu, Governor of Cross River State. His Excellency has made the expansion of cocoa farms and value addition a key priority under the People First agenda to create jobs, increase farmers’ income, and position Cross River as a leading cocoa hub in Nigeria and Africa.”
The Special Adviser noted that Cross River State is strategically positioned to lead in cocoa production and processing.
He emphasized that the state will leverage the BOI–EIB partnership to establish fermentation hubs, small-scale processing plants, and traceability systems that will move Cross River farmers from “Bean to Brand.”
According to him, “The Bank of Industry reaffirmed its commitment to partner with Cross River State and encouraged the state to submit project proposals through registered cooperatives and companies in the cocoa value chain.
“The Cross River State Government will immediately commence the collation of data and Expressions of Interest from cocoa cooperatives across the state to ensure maximum participation in the €85M facility.”
The BOI through its Managing Director/CEO, Dr. Olasupo Olusi, had unveiled an €85 million long-term financing facility during the Cocoa Value Addition Summit 2026 themed ‘From Bean to Brand’ and held in Abuja about two months ago.
The €85 million facility is aimed at expanding local cocoa processing, minimizing Nigeria’s reliance on raw bean exports, and enhancing value addition across the entire supply chain, according to the BOI Managing Director.