Nigeria’s cocoa exports accounted for a substantial 29 percent of the country’s total agricultural exports, valued at N1.24 trillion in 2023, according to Senator Abubakar Kyari, the Minister of Agriculture and Food Security. These figures were revealed during a courtesy visit by the National Cocoa Management Committee (NCMC) in Abuja.
Minister Kyari highlighted that cocoa also represented 5.6 percent of the total non-oil exports recorded in 2023, underscoring the economic viability of cocoa development in Nigeria. He noted the significant increase in the value of cocoa beans, stating, “In January 2024, a tonne of cocoa bean was valued at N1.8 million, while it is currently valued at N11.2 million per tonne in the Nigerian market. This implies that cocoa development in Nigeria is economically viable for investment both locally and internationally.”
Kyari emphasized the critical role of the NCMC in ensuring quality, transparency, and sustainability within the cocoa value chain. He noted the importance of the committee, citing its establishment as crucial due to the significant contribution of cocoa to Nigeria’s economy. “Nigeria generated N356.16 billion worth of cocoa beans and its allied products in 2023, making it the highest agricultural contributor to the GDP,” Kyari stressed.
The minister also mentioned that the NCMC is well-positioned to implement the National Cocoa Plan, a joint initiative by the Federal Ministries of Agriculture & Food Security and Industry, Trade and Investment, aimed at bolstering the sector. Kyari’s remarks highlight the strategic importance of cocoa in Nigeria’s agricultural export landscape and its potential for future growth.
The National Cocoa Plan is expected to drive further investments and improvements in the sector, solidifying Nigeria’s position as a leading cocoa producer on the global stage.
