Sequel to the Federal Executive Council approval for Nigeria to accede to the International Cocoa Agreement, 2010, President Muhammadu Buhari Monday, at the State House, Abuja, signed the Instrument of Accession to the International Cocoa Agreement, 2010.
Senior Special Assistant to the President on Media & Publicity, Garba Shehu in a statement on Monday noted that following the execution of the instrument of accession, Nigeria undertakes “faithfully to abide by all the stipulations therein contained” in the Agreement.
Among other benefits, the Agreement is expected to strengthen cooperation between exporting and importing member countries; improve their cocoa economies through active and better focused project development and strategies for capacity-building.
The 2010 Agreement is also expected to build on the successes of the 2001 Agreement by “implementing measures leading to an increase in the income of cocoa farmers and by supporting cocoa producers in improving the functioning of their cocoa economies.”
It will also “deliver cocoa of better quality, take effective account of food-safety issues and help establish social, economic and environmental sustainability, so that farmers are rewarded for producing cocoa that meets ethical and environmental considerations.”
The Instrument of Accession to the International Cocoa Agreement, was adopted on 25 June 2010 at Geneva by the United Nations Cocoa Conference for the Negotiation of a Successor Agreement to the International Cocoa Agreement, 2001.
In accordance with its article 53, the Agreement was opened for signature at United Nations Headquarters in New York from 1 October 2010 until and including 30 September 2012 by parties to the International Cocoa Agreement, 2001, and Governments invited to the United Nations Cocoa Conference, 2010.
At its 85th regular session, held from 27 to 30 March 2012, the International Cocoa Council, pursuant to article 53 of the Agreement, it decided to extend the period of signature of the Agreement from 1 October 2012 to 30 September 2026.
The President signed the instrument on return from his holiday in London.