According to recent data from the National Bureau of Statistics (NBS), cocoa exports in Nigeria increased remarkably by 304% during the first quarter (Q1) of 2024. Nigeria’s cocoa export amounted to N438.7 billion, which represented 42.4% of the total agricultural exports valued at N1.04 trillion.
This tremendous growth has been attributed to high demand and depreciation of the naira. Cocoa prices increased by 567% in Q1 2024, reaching an unprecedented N12 million per metric ton. The global supply chain was disrupted due to a severe shortage in Ivory Coast and Ghana, leading to a price surge.
According to Adeola Adegoke, National President of the Cocoa Farmers Association of Nigeria, the increased revenue from cocoa exports indicates that there is still much potential for producing cocoa within Nigeria. He points out that focus must be sustained, along with investments, if government revenue is to be increased.
Nevertheless, Mufutua Abolarinwa, the National President of the Cocoa Association of Nigeria (CAN), observed that production levels still stagnate at 280,000 metric tons. The dollar exchange rate primarily explains this revenue growth.
According to the International Cocoa Organization (ICCO), Nigeria is currently ranked as the world’s fourth-largest cocoa producer, with 280,000 metric tons during the 2022-2023 season.
The price increase has encouraged many to invest in cocoa farming. Sayina Riman, a cocoa farmer from Cross River State, revealed that his earnings have increased by 200%.
Oba Dokun Thompson, Chairman of the Eti-Oni Development Group, emphasized the need for value addition in the cocoa industry beyond mere cash gains. He urged farmers to maintain their momentum and called for government support in innovation and creative ideas.
The Nigerian government aims to leverage the potential of the cocoa industry to boost public revenue and promote a robust cocoa culture across West Africa and Africa.
