BMI View: Although oil is by far the biggest foreign exchange earner for the Nigerian economy, cocoa has also made a significant contribution in recent years, bringing in 900mn USD in export earnings in 2012, according to the government. However, the short to medium term prospects for the sector have been darkened by the fall in global prices expected in 2013 and 2014 as global demand continues to flatline. Despite the government’s desire to increase Nigeria’s market share, a temporary setback to production could be disastrous for the sector. Meanwhile, rice importers have tried to beat government tariff hikes by …
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