President Bola Tinubu has declared that Nigeria must transition from exporting raw cocoa beans to focusing on local processing. This strategic shift aims to capture greater value from the global chocolate market, a move announced at the Cocoa Value Addition Summit 2026 in Abuja.
Represented by the Minister of Agriculture and Food Security, Abubakar Kyari, President Tinubu emphasized that Nigeria can no longer rely on exporting raw agricultural commodities. He noted that other countries currently generate most of the profits from processing, branding, and manufacturing finished products.
“Nigeria will no longer export raw beans while importing finished value. We will grind our beans at home, we will press our butter at home, we will make our chocolate at home, brand it at home, and sell it to the world on our own terms,” President Tinubu stated.
Economic Imperative and Production Figures
The summit, themed “From Bean to Brand: The Bean in My Hand, The Brand in Our Future,” gathered government officials, cocoa-producing nations, investors, development partners, and industry stakeholders. Discussions centered on expanding cocoa processing and manufacturing across Africa.
Nigeria is a leading cocoa producer, with over 300,000 farming households cultivating the commodity on more than 1.4 million hectares. The country contributes about six to seven per cent of global cocoa output.
Despite generating more than N3 trillion in export earnings during the recent surge in global prices, Nigeria captures only a fraction of the industry’s economic value due to raw bean exports. Ongoing investments include a 70,000-metric-tonne cocoa processing facility under construction in Sagamu, Ogun State, which has helped Nigeria’s annual cocoa grinding capacity exceed 120,000 metric tonnes.
Industrial Policy and African Alliance
The Minister of State for Industry, John Owan Enoh, affirmed that this initiative aligns with Nigeria’s industrial policy. The policy seeks to reduce dependence on raw commodity exports and expand domestic manufacturing.
“We are not interested in exporting anonymous sacks anymore. We are interested in exporting value. If Nigeria truly wants to build a one-trillion-dollar economy, it cannot continue exporting raw materials while other countries earn the real wealth from processing and branding them,” Mr. Enoh explained.
Furthermore, Nigeria is collaborating with Ghana, Côte d’Ivoire, and Cameroon to establish an African cocoa alliance. This alliance aims to strengthen the continent’s bargaining power in the global cocoa market by coordinating policies on processing, value addition, and trade among major cocoa-producing countries.
Financing for Value Addition
Olasupo Olusi, the Managing Director of the Bank of Industry (BOI), pledged the bank’s readiness to provide long-term financing across the cocoa value chain. In 2025, BOI disbursed more than N164 billion to over 3,500 agro-processing and food businesses.
The bank recently secured a €60 million credit facility from the European Investment Bank specifically to support cocoa processing projects. Mr. Olusi articulated the bank’s comprehensive financing goal: “Our goal is to finance everything from nurseries and cooperatives to grinding plants, ingredient factories, packaging lines and chocolate manufacturers.”
Ransford Abbey, Chief Executive of the Ghana Cocoa Board, called for enhanced cooperation among Africa’s leading cocoa-producing countries. He highlighted that Africa produces between 75 and 77 per cent of the world’s cocoa but earns less than 10 per cent of the value generated by the global chocolate industry.
“We do not need charity. We deserve equity. The time has come for Africa to process its own wealth, protect its farmers and negotiate with one voice in the global cocoa market,” Mr. Abbey asserted. The summit concluded with the adoption of the Cocoa Value Addition Accord and a proposed Abuja Declaration, aiming to accelerate domestic cocoa processing and attract investment.
