Abba Bello, the Managing Director of the Nigerian Export-Import Bank (NEXIM), has highlighted a striking imbalance in the global cocoa industry. Despite West Africa, including Côte d’Ivoire, Ghana, Cameroon, and Nigeria, producing 70-75% of the world’s cocoa, the region earns a mere $10 billion from an industry worth $200 billion annually. This revelation came ahead of the International Cocoa and Chocolate Forum (ICCF) 2024, scheduled for Abuja and Lagos in January.
Represented by Tayo Omidiji, NEXIM’s General Manager and Head of Strategy and Corporate Communications, Bello spoke at a briefing where he emphasized cocoa’s historical significance as Nigeria’s leading non-oil export commodity. He lamented Nigeria’s decline in the cocoa sector, now ranking fourth globally, attributing this to aged plantations and inadequate investment.
According to a report by The Guardian, Bello pointed out the stark contrast between Nigeria’s cocoa production and its financial yield. In 2021, Nigeria produced 208 metric tonnes of cocoa beans, earning $628 million, while Germany, a non-cocoa producing country, generated $57.3 billion from cocoa product exports. This disparity underscores the urgent need for investment and value addition in Nigeria’s cocoa exports.
The upcoming ICCF aligns with President Bola Tinubu’s Renewed Hope Agenda, aiming to diversify the economy, tackle foreign exchange scarcity, and boost employment. NEXIM’s involvement in organizing the conference reflects its commitment to developing Nigeria’s external economic sector and promoting export trade.
Sola Muhammad, representing the event organizers, announced that Lagos State Governor Babajide Sanwo-Olu would inaugurate the Lagos leg of the ICCF, while Finance Minister Wale Edun is set to open the Abuja segment. The conference is expected to draw key stakeholders, including the Minister of Agriculture, cocoa farmers, exporters, regulators, and policymakers.
