Nigeria’s cocoa exports soared by 304 percent in the first quarter (Q1) of 2024, driven by increased demand and the depreciation of the naira, according to the National Bureau of Statistics (NBS).
During this period, cocoa exports accounted for 42.4 percent of the N1.04 trillion in agricultural exports, rising to N438.7 billion in Q1 2024 from N108.6 billion in the same period of 2023.
Cocoa prices surged by over 567 percent in Q1 2024, reaching above N12 million per metric ton for the first time due to severe supply shortages from Ivory Coast and Ghana, which disrupted global supply chains.
This price increase prompted Nigerian farmers to revive old plantations, plant high-yielding seedlings, and expand cultivation areas.
Adeola Adegoke, national president of the Cocoa Farmers Association of Nigeria, highlighted the significant efforts and returns from cocoa exports and suggested that with continued focus and investment, Nigeria could produce between 500,000 and 600,000 metric tons of cocoa.
Despite the surge in export revenue, Mufutua Abolarinwa, national president of the Cocoa Association of Nigeria (CAN), pointed out that production levels have remained stagnant.
He attributed the revenue increase to the favorable dollar exchange rate rather than an actual rise in production, which remains at 280,000 metric tons.
Nigeria is currently the world’s fourth-largest cocoa producer, following Ivory Coast, Indonesia, and Ghana, and the third-largest exporter.
Cocoa prices reached unprecedented highs of $12,000 per ton in April 2024, as reported by the International Cocoa Organisation (ICCO).
Locally, cocoa bean prices have also surged due to the weaker naira, with farmers, like Sayina Riman from Ikom, Cross River State, reporting increased attention to their plantations and significant profit increases.
However, a large portion of the profits has gone toward labor costs.
Oba Dokun Thompson, chairman of the Eti-Oni Development Group and producer of Gureje IV chocolate bars, emphasized the need for increased value addition in the cocoa sector.
He warned that the current price rally might not be sustainable as other regions boost their cocoa production.
Thompson urged farmers to maintain their momentum and called for government support in fostering innovation and a deeper understanding of the cocoa industry to develop a robust cocoa culture in Nigeria and across Africa.
 of 2024, driven by increased demand and the depreciation of the naira, according to the National Bureau of Statistics (NBS).){kind=link}