WACOT Ltd awards US$91.4K in sustainability bonuses to Nigerian cocoa farmers

NIGERIA – WACOT Limited, a subsidiary of Tropical General Investments (TGI) Group, has awarded a total of over N150 million (US$91,400) in sustainability bonuses to more than 3,500 cocoa farmers across 28 communities in Osun State, Nigeria.  

This recognition, which complements payments made for cocoa delivered under WACOT’s sustainable cocoa initiative, acknowledges the farmers’ dedication to sustainable cocoa production. 

The bonus was distributed at the Cocoa Sustainability Differential Award event held in Balogun Community, Ile-Ife, where community members gathered to celebrate their achievement.  

The award highlights the exceptional quality of cocoa produced by these farmers, who adhere to global standards for sustainable agriculture, including the exclusion of child or forced labor, responsible use of agricultural inputs, and the preservation of protected forest reserves. 

Yosola Onanuga, Head of Corporate Responsibility & Sustainability at TGI Group, said, “We want to appreciate the farmers in our cocoa programme for their commitment to sustainable farming practices. Sustainability is a core value at TGI which is deeply embedded in our operational strategies.  

We thank the community for their unwavering support and dedication to improving sustainable practices in cocoa cultivation, from harvesting to fermentation and at every stage of the value chain.” 

As part of its corporate responsibility and sustainability approach, WACOT’s initiative provides training, support, and fair compensation to local farmers.  

Farmers involved in the program benefit from organized outgrower farming initiatives across various crops, such as cocoa, cotton, rice, and sesame.  

This support includes easy access to high-quality agro-inputs, training on Good Agricultural Practices (GAP), and Yield Enhancement Techniques (YET), as well as immediate cash payments for harvested produce at prevailing market prices. 

Tropical General Investments (TGI) Group, a global conglomerate with a strong presence in emerging markets, focuses on inclusivity and value addition by sourcing locally, employing a skilled workforce, and leveraging advanced manufacturing facilities.  

This approach aligns with TGI’s aim to produce high-quality products for local consumption and export. 

The awards come as the European Union recently extended the compliance timeline for the EU Deforestation Regulation (EUDR), initially slated for implementation by the end of 2024.  

The EUDR, which targets deforestation-linked products such as cocoa, coffee, palm oil, and soy, now requires large companies to comply by December 30, 2025, while smaller enterprises have until June 30, 2026. 

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