The Federal Government should build cocoa factories to address youth unemployment, the Operating Officer (COO), The Centre for Cocoa Development Initiative, Inc, Robo Adhuze, has said.

He said establishing new cocoa processing industries and revamping others would increase economic opportunities through sustainable and competitive cocoa production, marketing and agro-enterprise development.

He lamented that cocoa processing has declined substantially, appealing to the government to breathe a new life into the industry by making dedicated attempts to revitalise the processing segment through financial support to ailing businesses.

He called on the government to create the foundation for a modern, viable cocoa industry that will flourish and attract new investors, enhance rural livelihoods and encourage self-employment, and maximise the country's opportunity to receive a premium price for the product on the world market.

He urged the government to take steps to boost cocoa production by supporting farms to move from traditional crop growing agriculture to agro-processing. He added that the level of public sector investment was low, reflecting that the government is not committed to boosting cocoa production.

He urged the government to support farmers, by providing more access to extension services and training in best practices, adding that it would have an impact on the domestic cocoa industry. He asked the government to treat cocoa production as national commodity and to develop it to increase the national economic growth.

Meanwhile, participants at the just-international cocoa conference in Calabar, the Cross River State capital, agreed that if well developed cocoa can bolster the economy, or displace petroleum products as a primary foreign exchange earner. The event was organised by the Cocoa Association of Nigeria (CAN) and World Cocoa Producers Organisation.

CAN President, Sayina Riman, explained that the conference was convened to help critical stakeholders in the industry discuss price risk management project, which had over the years critically impacted against smallholder farmers and other developing economies globally.

Executive Director, Cocoa Research Institute of Nigeria (CRIN), Prof. Malachy Akoroda, said cocoa had great economic potential for the country given the high demand for it around the world.

"Cocoa is number one non-oil export earner for Nigeria even when it is not enjoying desired state support, push and encouragement for local farmers. The product has great hope. There are great demands for cocoa bye products in Western and Eastern countries but capacity to supply is limited," he said.

Akoroda noted the quality of cocoa produced in Nigeria, saying it is the best globally because of the high-breed species. He said it had impossible for farmers to plant, nurture and have a high-yield specie in six months, adding that even in 18 months, there could be unimaginable and bounty harvest compared to what can be obtainable with old species.

"Anyone can plan this specie and make real good profit, so that, say, in five years, it is possible for the farmer to make as much as N15 million in profit", the expert said. He, however, lamented that pricing had been the major challenge because of factors, such as fertiliser, transportation and politics, in the world market.

Riman said cocoa business could change the economic fortunes of Nigeria, adding that it is more sustainable than oil because there is possibility that oil can dry but cocoa will not.