Raw Cocoa Exports Hit N2.89trn As FG Pursues $15bn Revenue

Nigeria earnings from raw cocoa beans export to The Netherlands, Germany, Belgium and France have reached N2.89 trillion within two years as Federal Government is targeting 500,000 tonnes of processed cocoa valued at $15 billion for export.

Currently, price of raw cocoa beans is fluctuating between $8,700 and $9,446 per tonne, while processed cocoa is $30, 000 per tonnes in the global market.

However, local price is estimated at between $3,005 and $3,100 per tonne in the country.

It was revealed that the biggest hubs for Nigeria cocoa between April 2023 and April 2025 are the Port of Amsterdam in the Netherlands, Port of Antwerp-Bruges in Belgium, Port of Hamburg and Port of Bremen in Germany and the Port of Haropa in France.

Nigeria’s cocoa exports in the first quarter of 2025 were value at N1.32 trillion, 2024, N1.2 trillion and 2023, N171 billion.

Raw cocoa bean is majorly used to make cocoa paste, chocolate, cocoa butter and cocoa liquor which are commonly consumed across the globe.

Determined to earn from its exports from this year, the Vice President Kashim Shettima has reaffirmed Nigeria’s ambition to transition from merely exporting raw cocoa to becoming a leading global processor, capitalising on the current global supply deficit and soaring cocoa prices.

It was learnt that during a strategic meeting with the President of the World Cocoa Foundation (WCF), Chris Vincent the Vice President, Kashim Shettima said in Abuja that the intent of the Federal Government was to unlock the full value of cocoa by investing in local processing, boosts job creation and comply with emerging international sustainability standards.

He said: “We don’t want to be producers of cocoa; we want to be processors. A tonne of raw cocoa might fetch $9,000, but if processed, it can command up to $30,000, and as chocolate bars, even $50,000.”

Shettima cited the recent approval of a National Cocoa Management Board as a concrete step in institutionalising the country’s cocoa transformation plan, saying that the board was expected to drive coordination, investment and oversight of the value chain, especially amid heightened global demand and stricter European Union sustainability regulations.

The vice president revealed plans to personally engage Taraba State Governor, Agbu Kefas to secure 10,000 hectares of land in Kurmi LGA for cocoa expansion.

The land would serve as a base for WCF and other strategic partners looking to invest in Nigeria’s cocoa sector. He said: “We want to walk the talk.

This is not just about profit, but about the social welfare impact putting people to work and driving inclusive economic growth. “We have virile young men willing to work. The key is providing them the opportunity.

The current global cocoa shortage, which has seen prices quadruple over the past three years, presents a unique opportunity for Nigeria to fill a major supply gap particularly in sustainable cocoa.

Meanwhile, the WCF’s president has highlighted the severity of the current shortage, noting that cocoa prices have quadrupled in the past three years.

Vincent said: “We are in the middle of a global cocoa supply deficit, and the next two to three years are crucial. There is strong industry alignment and increasing demand for sustainably sourced cocoa.

Nigeria is well positioned if the right structures are in place. We are in the middle of a global cocoa supply shortage and the prices have risen four times over the last three years.

“We are looking for new supplies of cocoa, sustainable cocoa in particular. The key thing here is that we have a clear alignment with industries which need to grow in supply sustainably, and I’m aware of the Nigerian State’s ambition to grow cocoa as a crop, and I know the opportunity is now.

Because we are in a supply deficit, the next two to three years are an opportunity for growth.” He reiterated WCF’s commitment to partner with Nigeria on this front, stating that the foundation is ready to facilitate investments, training, and traceability mechanisms that align with both EU market expectations and long-term sector growth.

Recall that in a bid to actualised this, government had in 2024 approved a 10-year National Cocoa Plan targeting the production of cocoa from 500,000 tonnes in 2025 to 750,000 metric tonnes by the year 2032.

Data from the National Bureau of Statistics (NBS) explained that the country exported N1.54 trillion in 2024 from N171 billion in the corresponding period of 2023. On a quarter-on-quarter basis, the country’s cocoa export rose 92 per cent from N624.71 billion in Q3 of 2024.

Also, the NBS noted earnings rose by 73 per cent on a quarteron-quarter basis from N890.72 billion in Q3 of 2024. Also, superior quality cocoa beans worth N477.95 billion and N108.09 billion were shipped to the Netherlands and Malaysia respectively.