News in brief:
– Nigeria’s cocoa exports surged to ₦2.7 trillion in 2024, marking a 592.72% increase, driven by growing global demand.
– Experts urge increased investment in cocoa processing and quality enhancement to maximise earnings and strengthen its position in the global market.
Nigeria shipped cocoa products worth about ₦2.712 trillion in 2024, according to the latest official foreign trade statistics data. This figure represents a 592.72% increase from the previous year’s numbers.
These products include superior-quality Cocoa beans, standard-quality Cocoa beans, Natural cocoa butter, and other cocoa bean qualities. A comparative breakdown of the products showed that Natural cocoa butter saw the highest increase, rising by 762.19% in 2024.
This product is made from cocoa beans that are fermented, dried under the sun and later roasted at specific temperatures. The roasted beans are cracked open, and the shells are removed, leaving behind the cocoa nibs—the pure edible part of the cocoa bean. The cocoa nibs are finely ground into a thick paste called cocoa mass or cocoa liquor, which contains both cocoa solids and cocoa butter. Then, the cocoa liquor is subjected to hydraulic pressing, which separates the cocoa butter (fat) from the cocoa solids (which become cocoa powder). The extracted cocoa butter is a pale yellow, solid fat at room temperature.
The raw cocoa butter may go through a filtration process to remove impurities. It can also be further refined and deodorised (though natural cocoa butter retains its chocolatey aroma). The liquid cocoa butter is cooled and solidified into blocks, wafers, or other forms for storage and sale. Cocoa butter is used in chocolate production and cosmetics (moisturisers, lip balms).
However, the raw cocoa beans lead agricultural products in value, with exports of various qualities of the bean reaching ₦2.4 trillion in 2024. Increased demand from European countries accounted for this rise, as well as the depreciation of the naira. Recall that the average exchange rate of naira to one dollar in 2023 was ₦638, while the average for 2024 was ₦1,482.
A need to boost production and processing
The figures show the potential of Nigeria’s cocoa industry, and the prediction of unfavourable weather in other African competing countries provides an opportunity for increased earnings.
Challenges such as outdated farming techniques and limited access to modern processing facilities hinder the ability to produce premium-quality cocoa beans and cocoa butter. Addressing these bottlenecks through investment in research, improved farmer training, and infrastructure development will be key to maintaining the sector’s upward trajectory.
Beyond increasing production, Nigeria must prioritise value addition through advanced cocoa processing. While raw cocoa beans remain the dominant export, the global market increasingly values processed cocoa products such as cocoa butter, cocoa powder, and chocolate. Expanding local processing industries would enhance export value, create jobs, and reduce dependence on raw bean exports.
With the depreciation of the naira making imports more expensive, strengthening domestic processing facilities would also allow Nigerian manufacturers to meet local demand for chocolate and confectionery products. Encouraging public-private partnerships to invest in cocoa processing plants and providing incentives for local industries can help unlock this potential.
Furthermore, improving quality standards is essential to securing premium prices in international markets. Ensuring that Nigerian cocoa farmers adopt best practices in fermentation, drying, and storage will enhance the consistency of high-quality cocoa beans, which are essential for superior cocoa butter production.
Government policies should support better infrastructure for drying and storage, access to credit for farmers and processors, and certification programs to meet global standards. As rival cocoa-producing nations face weather-related challenges, Nigeria has a unique window of opportunity to establish itself as a top-tier exporter of both raw and processed cocoa products—but only if it invests in sustainable growth across the entire value chain.
