Nigeria’s Cocoa Exports Records N358 Billion in 2023: Sector Leads Agricultural GDP as Global Demand Drives Record Earnings

In 2023, Nigeria exported cocoa and cocoa products valued at N358 billion, which was highlighted by the Minister of Agriculture and Food Security, Abubakar Kyari. He emphasized that this revenue from cocoa exports marked the highest contribution to Nigeria’s gross domestic product within that timeframe.

Data sourced from the United Nations COMTRADE database showed that there was an increase from the N298 billion worth of cocoa exports recorded in 2022. Kyari also mentioned that efforts are being made to enhance cocoa production in Nigeria and restore its position among leading cocoa-producing nations, given that cocoa remains the top agricultural revenue generator for the country.

Kyari shared these insights while speaking to members of the 11-man National Cocoa Management Committee (NCMC), a group established to execute the national cocoa plan initiated by the Federal Ministry of Agriculture and the Ministry of Industry, Trade, and Investment in Abuja recently. He emphasized that Nigeria garnered N357.72 billion from cocoa beans and related products in 2023, reinforcing its status as the primary contributor to the GDP.
He underlined the economic viability of cocoa development in Nigeria for both local and international investments. Additionally, he noted that the NCMC was set up to ensure quality, transparency, and sustainability in the cocoa value chain, emphasizing the significance of cocoa to the Nigerian economy.

The National Cocoa Plan resulted from a collaborative meeting between the Nigerian delegation and the Ghana Cocoa Board in Accra in 2022, endorsed by the former Minister of Agriculture to enhance Nigeria’s cocoa value chain. The 11-member committee comprises representatives from diverse public and private sectors engaged in cocoa production and management.

The committee aims to broaden cocoa activities nationwide, host conferences for agricultural commissioners, develop implementation strategies, participate in regional cocoa initiatives, and establish a database for cocoa exporters. In addressing the potential threats to Nigeria’s cocoa sector posed by the European Union Deforestation Regulation (EUDR), Kyari indicated that the FMAFS would assist the EU in conducting evaluations akin to those carried out in Ghana and Cote d’Ivoire, prominent global cocoa producers.

Pointing out the availability of resources from the African Development Fund to support cocoa development in Africa’s largest nation, Kyari stated that the agricultural ministry will collaborate with the NCMC to secure these funds for cocoa sector enhancement and the implementation of the National Cocoa Plan. He urged the committee to work collectively to steer the course for Nigerian cocoa, achieving all the objectives set by the NCMC.
From: Amadi Vincent Uzoma