‘Why Nigeria May Lose $20bn In Cocoa Exports In Three Years’

Executive Secretary/Chief Executive, Financial Reporting Council (FRC) of Nigeria, Dr. 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, Hon. 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 arranges 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.”

He said: “One of the things we found out is that we do not have a code of corporate governance for public institutions and we believe that these are the institutions that underpin the society, we’ve also seen that we do not have a code of corporation. Further to that, we developed a very robust NCCG, which is a corporate governance for the private sector, which is being observed by corporate Nigeria and it has improved the level of accountability in that area.”

Also speaking at the event, Munir had noted that for the first time in the Nigeria legislature, the committee has designed its four-year strategic plan to foster its commitment for effective legislative framework.

He said the visit is to enhance the collaborative relationship between the legislature through the committee and the executive.