Nigeria makes N358bn from cocoa export in 2023, says Kyari

Abubakar Kyari, Minister of Agriculture and Food Security has said that the country made N358 billion in cocoa export in 2023.

According to him, the figure is the highest agricultural contributor to Nigeria’s gross domestic products for the period.

The minister also said that the country is seeking ways to boost its cocoa production and regain its status in the commit of producing nations as the commodity remains Nigeria’s highest agricultural revenue earner.

Kyari made this known while addressing members of the 11-man National Cocoa Management Committee (NCMC), the body set up to implement the national cocoa plan championed by the Federal Ministry of Agriculture and the Ministry of Industry, Trade and Investment in Abuja recently.

“It is on record that Nigeria generated N357.72 billion worth of cocoa beans and its allied products in 2023 which makes it the highest agricultural contributor to the GDP.”

He stated that cocoa development in Nigeria is economically viable for investment both locally and internationally.

“In January 2024, a ton of cocoa beans was valued at N1.8 million while it is being valued at N11.2 million per ton presently in the Nigerian market,” he said.

Speaking on the national cocoa plan, the minister says the committee was instituted to guarantee quality, transparency and sustainability in the cocoa value chain.

Read also: Cocoa prices drop 22% on low liquidity, supply boost

He stated that the establishment of NCMC is premised on the importance of cocoa to the Nigerian economy.

The National Cocoa Plan was the outcome of an interactive meeting between the Nigerian delegation and the Ghana Cocoa Board in Accra in 2022 approved by the then minister of Agriculture, to boost Nigeria’s cocoa value chain.

The 11 members committee are from various public and private sectors involved in cocoa production and management.

Its goal is to expand cocoa activities nationwide, organise conferences for agricultural commissioners, create implementation plans, join regional cocoa initiatives, and establish a data bank for cocoa exporters.

Concerning the European Union Deforestation Regulation (EUDR) threats to Nigeria’s cocoa sector, Kyari said FMAFS would support the EU in embarking on assessments as is done in Ghana and Cote’d’Ivoire – two leading global cocoa producers.

He pointed out that the African Development Fund has resources available to support cocoa development in Africa’s biggest nation.

According to him, the agric ministry will work through NCMC to access these funds to develop the cocoa sector and implement the National Cocoa Plan.

“I therefore urge this all-important noble committee to put all hands on deck to champion the way forward for Nigerian cocoa thereby achieving all set objectives of NCMC,” Kyari said.