WACOT Limited, a member of Tropical General Investments (TGI) Group, has awarded 1,578 cocoa farmers in 28 communities in Osun State ₦40,000 each for their commitment to sustainably producing the primary cash crop.
The bonus was awarded to the farmers in addition to the payments made to them for the cocoa they delivered to the company as part of the out-grower programme initiative. The earned bonus was in recognition of the superior product quality the farmers delivered to WACOT, which surpassed the international standards of sustainable cocoa production. The standards include but are not limited to excluding child or forced labour, responsible use of fertilisers and pesticides, proper tree care, and preserving protected reserves.
The special quality bonus was distributed at the Cocoa Farmers Premium Payment Award event held recently in Akeredolu Community, Osun State.
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In her remarks, Yosola Onanuga, corporate responsibility & sustainability manager of WACOT Limited, stated, “The award was given to the farmers based on their yield contribution to the out-grower programme initiative. The farmers were awarded between ₦30,000 to ₦40,000, while some got as high as ₦100,000 based on their sustainable cocoa production.
“We are shifting our cocoa specification to achieve a responsibly managed supply chain complying with the legal requirements of Nigeria and our cocoa export markets. We stand by our goal of promoting sustainable cocoa production through several sustainability initiatives with our partners.”
Bibhu Nanda, chief operating officer of WACOT Limited, commented on the cash award, emphasizing that they were well-deserved for farmers who have embraced sustainable cocoa production in line with WACOT’s vision and international best practices.
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“This funding from WACOT is intentional and will further motivate cocoa farmers to abandon harmful cultivation practices and adopt sustainable production. It underscores our commitment to sustainability and inclusivity as we work together towards profitability and growth optimization,” he said.
Nanda added that the award is a testament to WACOT’s contribution to Nigeria’s economic development by empowering cash crop farmers. “Our gesture aligns with TGI Group’s dedication to supporting the Federal Government’s National Economic Development Plans, which aim to diversify Nigeria’s economy and enhance food security. It also aligns with the Sustainable Development Goals (SDGs), particularly SDG 2 (ending all forms of hunger), SDG 8 (decent work and economic growth), and SDG 12 (responsible consumption and production), demonstrating TGI Group’s status as a responsible global corporate citizen.”
The beneficiaries expressed gratitude for the award, enabling them to enhance production. Francis Sunday, one of the recipients, conveyed trust in the firm and called for continued support. “I have been supplying cocoa to WACOT for years, and they have consistently supported us. This award will significantly boost my yield. I urge other companies and even the government to do more to encourage people to join the farming business,” he said.
The funding is integral to WACOT’s corporate responsibility and sustainability approach, founded on respect for people and the betterment of the communities within its operations.
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TGI’s sustainability programs encompass a structured approach to out-grower farming initiatives, spanning different value chains such as cocoa, cotton, rice, and sesame. It involves registering and establishing smallholder farming groups and cooperatives, providing farmers with easy access to quality agro-inputs, offering capacity-building training on good agricultural practices (GAP) and yield enhancement techniques (YET), and purchasing produce at market prices with immediate cash payments.
Tropical General Investments (TGI) Group is a global conglomerate with most of its investments in emerging markets. TGI’s investments focus on driving inclusivity and value addition using locally sourced raw materials, state-of-the-art manufacturing facilities, and a highly skilled workforce to produce world-class products consumed locally and exported to global markets. TGI Group is the parent company of WACOT Rice, CORMART, and CHI Farms, among others.
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