President Muhammadu Buhari on Monday signed the Instrument of Accession to the International Cocoa Agreement, 2010.
The Senior Special Assistant to the President on Media and Publicity, Garba Shehu, disclosed this in a statement made available to journalists.
Shehu said the signing was sequel to the Federal Executive Council’s approval for Nigeria to accede to the agreement.
Following the execution of the instrument of accession, he said Nigeria undertook “faithfully to abide by all the stipulations contained” in the agreement.
The presidential spokesman said among other benefits, the agreement was 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.
He said the agreement was 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.”
He added, “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.”