A leading player in Africa’s agricultural value chain, Sunbeth Global Concepts, has called for more investment in local cocoa processing to boost jobs and growth on the continent.
Speaking at the Intra-African Trade Fair (IATF) in Algeria recently, the Chief Development Officer, Mr Nzubechukwu Anisiobi, expressed concerns that cocoa harvested from Africa are taken out to be processed outside and sold back to African consumers as chocolate and others, denying the continent some opportunities to grow its economy and boost job creation.
“Much of cocoa processing still happens outside Africa, but the opportunities for African businesses in this space are immense.
“With greater investment in local infrastructure, the continent can unlock significant economic impact through value addition, particularly benefiting farmers and communities at the origin, an area that lies at the heart of Sunbeth’s operations,” he submitted during the panel put together at the event, which attracted several dignitaries, including a former President of Nigeria, Mr Olusegun Obasanjo, who doubles as the chairman of the IATF Advisory Council.
Commenting on the structural challenges facing processors, Mr Nzubechukwu said, “Building a plant is one step; securing the working capital to keep it running is another.
“Most cashew processing plants must purchase their annual supply at once due to the short harvest season, which is highly capital intensive.
“Beyond this, challenges around skilled labour, machinery and technology which is often imported, make the industry heavily reliant on foreign inputs.
“At the same time, we continue to strengthen local capacity by leveraging international expertise to build a more sustainable processing sector.”
At its booth, Sunbeth also launched The Story of the Nigerian Cocoa, which drew visitors and sparked talks on the future of Africa’s cocoa industry.
The company said its efforts also support the goals of the African Continental Free Trade Area (AfCFTA), which is working to make Africa the “future factory of the world.”