Cocoa export rises 606% in fourth quarter 2024

Cocoa exports in Africa’s most populous nation surged 606 percent in the fourth quarter of 2024.

Data from the National Bureau of Statistics shows that the country exported N1.2 trillion in 2024 from N171 billion in the corresponding period of 2023.

Over the last five years, data shows that cocoa has been a major agric export commodity, driving in foreign earnings in trillions for Africa’s most populous nation.

On a quarter-on-quarter basis, the country’s cocoa export rose 92 percent from N624.71 billion in Q3 of 2024.

Read also: Why we’re supporting 150,000 farmers in Nigeria cocoa industry by 2030 — Johnvents Group

Nigeria cocoa farmers and exporters have steadily cashed out from the cocoa price rally in the last one year. This is due to seasonality and unfavourable weather conditions affecting the two global producers of the bean — Cote d’Ivoire and Ghana.

After global prices soared to a record $12,000 per tonne in December – the highest price value on record — investors have so far given serious attention to cocoa beans.

Nigeria is the world’s seventh biggest cocoa bean producer, churning about 284,232 tonnes in 2023, according to the most recent data compiled by the UN’s Food and Agriculture Organisation (FAO).

As a result of the price rally, farmers and non-farmers began reviving old cocoa trees as well as planting new ones in a bid to tap into the booming cash crop value chain.

Currently, a metric ton of cocoa is selling at $8,297.70, according to data from the International Cocoa Organisation (ICCO).

The NBS noted that Nigeria earned a total of N1.54 trillion from exports in the period under review, representing a 232 percent rise from N463.97 billion in Q4 of 2023. It rose by 73 percent on a quarter-on-quarter basis from N890.72 billion in Q3 of 2024.

Non-oil exports in the period raked in N2.84 trillion into the country, up 159 percent from N1.09 trillion in the same period of 2023.

The top five agric exports commodities, following after cocoa, are sesame seeds with N202.94 trillion, cashew nuts with N36.71 trillion, crude shea nuts with N3 trillion, and frozen shrimps and prawns with N23.52 trillion.

The report revealed that agricultural products were mainly exported to Europe at N986.70 billion, followed by exports to Asia, valued at N474.38 billion.

Also, superior quality cocoa beans worth N477.95 billion and N108.09 billion were exported to the Netherlands and Malaysia, respectively. While standard quality cocoa beans worth N110.84 billion and N48.96 billion were exported to the Netherlands and Belgium, respectively.

Read also: Nigerian cocoa processor Johnvents gets UK investment to expand

In the review period, Nigeria spent about N19.78 trillion transporting goods through ships, followed by air with N127.25 billion, and lorries with N38.54 billion.

A major location medium used for both exporting and importing goods outside and into the country was the Apapa Port, Tin Can Island, and the Port Harcourt Onne Port.