The Managing Director of the Nigerian Export-Import Bank (NEXIM), Abba Bello, has disclosed that the global cocoa industry is valued at $200 billion annually, with West Africa (including Côte d’Ivoire, Ghana, Cameroon, and Nigeria) accounting for 70-75% of the total output. However, despite this significant contribution to global production, the region earns only $10 billion from the cocoa industry. Bello highlighted the need for Nigeria to add value to its cocoa exports, emphasizing that the country has lost its leading position in cocoa production over the years, ranking as the fourth-largest producer behind Cote d’Ivoire, Ghana, and Indonesia.
During a briefing to announce the International Cocoa and Chocolate Forum (ICCF) 2024, Bello stated that Nigeria’s cocoa industry, including beans, cake, and chocolate, holds immense potential. He pointed out that the aged plantations and insufficient investment in the sector have contributed to Nigeria’s decline in cocoa production. Bello urged stakeholders, including policymakers, researchers, the private sector, and financial institutions, to collaborate in discussing strategies to attract investments and address challenges in the Nigerian cocoa industry.
According to Bello, the ICCF aligns with the Renewed Hope Agenda of the Bola Tinubu administration in promoting economic diversification, addressing forex scarcity, and enhancing job creation. The Nigerian Export-Import Bank is partnering in organizing the conference to fulfill its mandate of developing the external sector of the Nigerian economy and facilitating export trade.
Sola Muhammad, speaking on behalf of the organizers, revealed that Lagos State Governor Babajide Sanwo-Olu will inaugurate the Lagos leg of the event, while Minister of Finance and Coordinating Minister of the Economy Wale Edun will open the Abuja leg. The conference is expected to bring together critical stakeholders, including the Minister of Agriculture, cocoa farmers, exporters, regulators, researchers, and policymakers.
