Nigeria’s Cocoa Exports Skyrocket to ₦2.71 Trillion in 2024, Marking a 1,486% Surge Amid Global Supply Crunch

In a remarkable turn of events, Nigeria's cocoa export revenue soared to an unprecedented ₦2.71 trillion in 2024, reflecting a staggering 1,486% increase from the ₦171 billion recorded in 2023. This exponential growth underscores the nation's burgeoning role in the global cocoa market, driven by a combination of favorable international prices and strategic domestic initiatives.

Global Supply Constraints Propel Cocoa Prices

The surge in Nigeria's cocoa export earnings is largely attributed to a significant rise in global cocoa prices, which escalated by 132% in 2024. This price hike was fueled by supply deficits from major producers like Côte d'Ivoire and Ghana, who faced challenges due to unfavorable weather conditions and aging plantations . Consequently, international cocoa prices reached record highs, peaking at 12,000 per ton in April 2024 before settling at 10,353 per ton by December.

Nigeria's Strategic Response and Market Expansion

In response to the global supply crunch, Nigerian cocoa farmers and exporters capitalized on the opportunity by reviving old cocoa trees and expanding cultivation areas. The country's cocoa production reached approximately 284,232 metric tons in 2023, positioning Nigeria as the world's fourth-largest cocoa producer.

The depreciation of the naira also played a role in boosting export revenues, making Nigerian cocoa more competitive in the international market. The average exchange rate shifted from ₦638 per dollar in 2023 to ₦1,482 in 2024, enhancing the value of foreign earnings when converted to local currency.

Calls for Sustainable Growth and Value Addition

While the current export figures are impressive, industry stakeholders emphasize the need for sustainable practices and value addition to maintain growth. Investments in modern processing facilities, farmer training, and infrastructure development are crucial to enhance the quality of Nigerian cocoa and meet international standards.

Efforts are underway to transition from exporting raw cocoa beans to producing finished products like chocolate and cocoa butter, which can significantly increase export value and create employment opportunities. Such initiatives are vital for Nigeria to solidify its position in the global cocoa market and ensure long-term economic benefits.

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*Note: This article is based on data and reports available as of March 2025. For the most current information, please refer to the latest publications from the National Bureau of Statistics and relevant industry sources.*