5 important things you should know about the International Cocoa Agreement signed by President Buhari

Nigeria joins other cocoa exporting nations in Africa such as Ghana, Cote d'Ivoire, Cameroon, Gabon, Togo, that have signed the agreement.

The ratification includes the country as a member-state of the International Cocoa Council.

Nigeria’s president, Muhammadu Buhari signed the agreement on Monday, August 20, 2018, eight years after the conference.

By appending its signature, Nigeria joins other cocoa exporting nations in Africa such as Ghana, Cote d'Ivoire, Cameroon, Gabon, Togo, that have signed the agreement.

The agreement was adopted on  June 25, 2010, at Geneva by the United Nations Cocoa Conference for the Negotiation of a Successor Agreement to the International Cocoa Agreement, 2001.

At its 85th regular session, held from 27 to 30 March 2012, the International Cocoa Council decided to extend the period of signature of the Agreement from October 1, 2012, to September 30, 2026.

Among the 54 nations that attended the conference only 26 have signed the agreement so far, Business Insider Sub-Saharan Africa gathered.

Business Insider Sub-Saharan Africa looks at some of the important details in the document:

1. The International Cocoa Council was established to promote international cooperation in the world cocoa economy.

2. Obtain fair prices of cocoa among members to have equitable economic returns to both producers and consumers in the cocoa value chain

3. To promote and encourage consumption of chocolate and cocoa-based products in order to increase demand for the product, including its health benefits.

4. Encourage members to develop and implement strategies to enhance the capacity of local communities and small scale-farmers to benefit from cocoa product and thereby alleviate poverty.

5. Increase the income of cocoa farmers by supporting cocoa producers in improving the functioning of their cocoa economies.

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