In a landmark revelation, the Minister of Agriculture and Food Security, Senator Abubakar Kyari, announced that Nigeria’s cocoa export made up 29% of the total agricultural exports, valued at N1.24 trillion in 2023.
Speaking during a courtesy visit by the National Cocoa Management Committee (NCMC) in Abuja, Kyari highlighted the economic significance of cocoa, noting that it also represented 5.6% of the country’s total non-oil exports for the year.
Kyari noted that the value of cocoa has seen a substantial increase, with a tonne of cocoa beans priced at N1.8 million in January 2024, now valued at N11.2 million per tonne in the Nigerian market. “This implies that cocoa development in Nigeria is economically viable for investment both locally and internationally,” he stated.
The NCMC has been instrumental in ensuring quality, transparency, and sustainability in the cocoa value chain. Kyari emphasized the establishment of NCMC underscores the importance of cocoa to Nigeria’s economy. “It is on record that Nigeria generated N356.16 billion worth of cocoa beans and its allied products in 2023, making it the highest agricultural contributor to the GDP,” he stressed.
Kyari also expressed confidence in the NCMC’s ability to implement the National Cocoa Plan, which is being championed by the Federal Ministries of Agriculture & Food Security and Industry, Trade and Investment. This plan aims to boost cocoa production and elevate Nigeria’s status among the top cocoa-producing countries worldwide.
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Addressing concerns about the European Union Deforestation Regulation (EUDR) and its potential impact on Nigerian cocoa, Kyari assured the Ministry’s commitment to supporting the EU in conducting assessments, similar to those undertaken in other cocoa-producing nations. He also highlighted the availability of funds from the African Development Fund (AFDB) to support cocoa development in Nigeria, which the Ministry plans to access through the NCMC.
“I urge this important Committee to put all hands on deck to champion the way forward for Nigerian cocoa, thereby achieving all set objectives of the NCMC,” Kyari implored.
Engr. Abdullahi Abubakar, Chairman of NCMC and Director at the Federal Department of Agriculture, elaborated on the establishment and achievements of the NCMC since its approval on August 2, 2022. The committee has developed a framework for regulating and monitoring the cocoa sector’s activities, and a draft bill for the establishment of the National Cocoa Management Board/Commission is in the works.
“The NCMC has facilitated proper coordination within the cocoa industry, addressing the previous lack of regulation in Nigeria,” Abubakar noted. He emphasized the necessity of implementing the 10-year National Cocoa Plan (2023-2032) and called for support in funding the committee’s activities.
As Nigeria’s cocoa sector continues to thrive, these initiatives and collaborations are set to strengthen its position in the global market, fostering economic growth and development for the nation.
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