Nigeria: New Export Rule Leaves Tonnes of Cocoa Beans Trapped at Ports

5 December 2020

There are strong indications that federal government's efforts to claw back some of the foreign-exchange earnings lost to falling oil prices are causing delays in exports ranging from cocoa beans to cashew nuts, and adding to a problem the central bank sought to address in the first place.

Nigeria is the world's the world's fifth-biggest producer of cocoa beans, a key ingredient in chocolate. As Africa's largest economy, it also fell into a recession last quarter.

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