Nigeria is doubling down on cocoa as global prices hit $9,187 per ton on the New York Commodity Exchange, a dramatic leap driven by declining output from top producers and renewed investor interest.
As the country seeks to move away from oil dependency, officials are betting big on cocoa to power the economy. “We aim to be a major force in cocoa production within the next three years,” said Agriculture Minister Senator Abubakar Kyari.
According to the United Nations Food and Agriculture Organization (FAO), Nigeria was the world’s seventh-largest cocoa producer in 2023, with over 280,000 tons. The government has now set a bold target of 500,000 tons for the 2024–2025 season.
British International Investment and Johnvents Group have committed $40.5 million to boost Nigeria’s cocoa output. The funding will expand Premium Cocoa Products Ile-Oluji’s processing capacity from 13,000 to 30,000 metric tons annually.
This push comes as cocoa prices have soared globally, spiking from $2,200–2,500 in 2022 to nearly $13,000 in late 2024 due to crop diseases and bad weather in Ghana and Ivory Coast. “Although prices dipped slightly with hopes of a small surplus, cocoa remains far above historical averages,” the International Cocoa Organization noted.
To streamline the sector, Nigeria is proposing the creation of a National Cocoa Management Board. “This board will oversee production, processing, and marketing to ensure coherent growth,” Kyari said, after high-level talks with cocoa giants Ghana and Côte d’Ivoire.
The Federal Executive Council also approved a long-term action plan targeting over $300 billion in investments across the cocoa value chain over the next decade.
Meanwhile, demand for cocoa derivatives remains high. Nestlé USA, for example, is set to raise prices on several cocoa-based products by June 23, citing limited supply and strong consumer demand.
With over 10,000 members now in the Cocoa Farmers Association of Nigeria, the country’s smallholder base is expanding fast—signaling that Nigeria may finally be ready to rival the world’s cocoa heavyweights.
