The nation exported N358 billion worth of cocoa in 2023, according to Minister of Agriculture and Food Security Abubakar Kyari.
He claims that this represents the largest agricultural contribution to Nigeria’s GDP during that time.
The minister added that since cocoa is still Nigeria’s top agricultural export, the nation is looking for measures to increase production and reclaim its place among the world’s top producers.
In an address to the 11-member National Cocoa Management Committee (NCMC), which was recently convened in Abuja to carry out the national cocoa strategy supported by the Federal Ministries of Agriculture and Industry, Trade, and Investment, Kyari disclosed this information.
“It is documented that Nigeria produced N357.72 billion worth of cocoa beans and related products in 2023, making it the country with the largest agricultural GDP contribution.”
He declared that it is economically feasible for both domestic and foreign investors to support the development of cocoa in Nigeria.
“A ton of cocoa beans was valued at N1.8 million in January 2024, but it is currently valued at N11.2 million per ton in the Nigerian market,” he stated.
Speaking about the national cocoa plan, the minister states that the committee was established to ensure sustainability, quality, and openness in the cocoa value chain.
According to him, the foundation of NCMC is the value of cocoa to the Nigerian economy.
In order to strengthen Nigeria’s cocoa value chain, the Nigerian delegation and the Ghana Cocoa Board met in Accra in 2022, and the minister of agriculture at the time approved the outcome, which became the National Cocoa Plan.
The eleven members of the committee are involved in the production and management of cocoa from a variety of public and commercial sectors.
Its objectives are to join regional cocoa efforts, develop implementation strategies, host conferences for agricultural commissioners, increase the scope of cocoa operations across the country, and set up a data bank for cocoa exporters.
Regarding the threats posed by the European Union Deforestation Regulation (EUDR) to Nigeria’s cocoa industry, Kyari stated that FMAFS will assist the EU in initiating assessments, similar to those carried out in Ghana and Cote d’Ivoire, two of the world’s top cocoa producers.
He emphasized that funds from the African Development Fund are available to assist the growth of cocoa in the largest country in Africa.
As per his statement, the National Cocoa Plan would be implemented and the cocoa sector would be developed by the agricultural ministry in collaboration with NCMC.
“Therefore, in order to achieve all of the NCMC’s goals, I implore this extremely significant and noble committee to rally around Nigerian cocoa going forward,” Kyari stated.
