The Cocoa Farmers Association of Nigeria (CFAN), has confirmed that Nigeria is losing the sum of N60 billion annually to non-collection of Living Income Differential (LID).

CFAN President, Adeola Adegoke, who made the confirmation, said the wasted is meant to support small holder farmers.

Adegoke disclosed this Thursday in Abuja on the sideline of a workshop which was organised by the Agricultural Policy Research in Africa (APRA) and the University of Ibadan (UI).

The workshop was meant to review cocoa production policies and strengthen the production of the crop in the country.

At the workshop which was themed “Cocoa commercialization in Nigeria: Issues, prospects and policy requirements”, Adegoke promised that CFAN was poised towards leading the country to regain its lost glory in the comity of cocoa producing countries.

“In the 1960s, Nigeria was producing 590,000 tonnes of cocoa and was adjudged the second largest in the world.

“When the oil boom came, cocoa was relegated and in the last two months, cocoa has shown it is the highest to oil in terms of foreign exchange earnings.

“It means the foreign exchange deficit we are experiencing can only be solved through the economy… As at today what cocoa is bringing to Nigeria is next to oil. When you look at the percentage, it shows the potential.

“In Ghana today, each farmer collects 400 dollars for each tonne of cocoa and same in Cote d’Ivoire and that is why Nigeria must begin to collect Living Income Differential (LID). Non-collection makes us to lose N60 billion annually,“ he pointed out.