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Cocoa exports surge 3,000% in 5yrs on weaker naira - BUSINESSDAY
Cocoa, Nigeria’s flagship export crop has surged by over 3,000 percent in five years on weaker naira, data from the National Bureau of Statistics shows.
According to the report, cocoa beans (in all its derivatives) topped the list of agricultural exports in the first three months of the year.
Nigeria earned N1.32 trillion from cocoa in Q1 2025, up from N36.67 billion in the same period of 2021, and N88.95 billion from Q1 2022.
“The total value of trade in agricultural goods in Q1, 2025 stood at N2,739.95 billion, of which value of exports stood at N1,704.15 billion,” the NBS reported.
“The value of agricultural goods exports increased by 64.65 percent compared to the value recorded in Q1, 2024 (N1,035.02 billion) and also increased by 10.63 percent over the value recorded in Q4, 2024 (N1,540.46 billion),” it added.
Exports of cocoa have seen a rise since 2024, when climatic challenges in Ivory Coast and Ghana began limiting their production capacities.
According to the NBS trade report, cocoa’s export in Q1 2025 is more than 200 percent above the bean gains in the corresponding period of 2024 (N421.78 billion) and higher than the 2023 value of N108.62 billion.
Businessday analysis shows that cocoa export contributed 77 percent of total agricultural export of N 1.70 trillion in the period.
“The reason for this high revenue from cocoa export is because of the dollar exchange rate,” he noted. “Production di
Abolorinwa said the increase in revenue from exports did not reflect on the production value.
According to data from the Food and Agriculture Organisation, as of 2023, cocoa production in Nigeria is N284,232 metric tons, slightly up from N280,000 metric tons in 2021/2022 season.
This slow growth in production paints a picture of how much the country stands to gain if production is bolstered.
“Imagine the returns that are coming from the export of cocoa,” noted Adeola Adegoke, national president of the Cocoa Farmers Association of Nigeria, adding that with more support from the private and public sectors, production will be boosted to about 600,000 metric tons.
The versatility and market availability of cocoa beans make it a sought-after crop in the international market. The fermented cocoa bean can be converted into chocolates, cosmetics, medicines and butter. This wide range of use makes it a top commodity for manufacturers.
The report reveals that Belgium and the Netherlands were two major buyers of Africa’s most populous nation’s cocoa.
Following after cocoa in the agricultural list is cashew with N172.33 billion, sesame with N129.82 billion and soybeans with N29.61 billion.
On the import side, durum wheat remained Nigeria’s top imported agricultural commodity with N159.29 billion. It was mostly imported from Russia and Argentina.
There’s been a constant rise in agricultural trade over the years owing to a growing entry into the sector by youths and several interventions by the federal government.
