BOI to Channel 70% of €85m Facility into Cocoa, Dairy Value Addition
L-R: Ayo Sotinrin, MD/CEO, Bank of Agriculture; Massimo De-Luca, Head of Cooperation of the European Union Delegation to Nigeria and ECOWAS; Olasupo Olusi, MD/CEO, Bank of Industry (BoI); Abubakar Kyari, Minister of Agriculture and Food Security; John Owan Enoh, Minister of state for Industry and Investment, and Dennis Idahosa, Deputy Governor, Edo State during the Africa Cocoa Value Addition Summit, with the theme "From Bean to Brand" held in Abuja. The Bank of Industry (BOI) has secured a €60 million credit facility from the European Investment Bank (EIB) to support Nigeria’s cocoa and dairy value addition drive, with about 70 per cent of the broader €85 million financing package earmarked for the two sectors. BOI Managing Director and Chief Executive Officer, Dr. Olasupo Olusi, disclosed this at the Africa Cocoa Summit in Abuja, where African cocoa-producing countries signed the Abuja Declaration establishing the Cocoa Value Addition Alliance (CVAA). The summit, themed “...