Vice President Kashim Shettima has said Nigeria has the potential to earn up to $50,000 per tonne by processing its cocoa into finished products such as chocolate bars, instead of exporting raw cocoa beans.
Shettima made the disclosure on Monday during a meeting with a delegation from the World Cocoa Foundation (WCF), led by its President, Mr. Chris Vincent, at the Presidential Villa in Abuja.
The Vice President said the Tinubu administration is fully committed to reviving the cocoa industry and the whole agricultural value chain in Nigeria, with a target of moving the sector from mere producer to processor of cocoa on the global stage.
He noted that it is in a bid to return to the drawing board in respect of revamping the nation’s cocoa industry that the Federal Executive Council (FEC) recently approved the establishment of a National Cocoa Management Board (NCMB).
Cocoa processing: From $9,000 to $50,000 per tonne
The Vice President stressed the need for Nigeria to start processing cocoa products, just as he told the WCF delegation that the nation has the manpower, with capable young Nigerians who are willing to take advantage of the job opportunities in the agricultural sector.
He said, “We don’t want to be producers of cocoa; we want to be processors of cocoa because a tonne of cocoa will fetch you $9,000 now, but processed cocoa will get you $30,000. If you turn them into chocolate bars, that might fetch you $50,000.
“So, we have the manpower, the average age of the nation is 17. We have very virile young men who are willing to work if they have the opportunity. So, I’m speaking from the heart; we are willing to partner with your organization,” he said.
Leading by example with cocoa farming
VP Shettima also disclosed that he was already working on building a cocoa farm to lead by example, saying the passion is not driven by profit making, but by the desire to contribute to the social welfare of the country.
“I want to walk the talk. It is not even about the profit criteria; no. It’s about the social welfare criteria – employing people. Look, let me take you to my farm and you’ll be convinced that the new Nigerian leadership is actively involved and is itching to drive the process.”
The Vice President pledged Nigeria’s readiness to work with WCF, assuring that he would personally engage the governor of Taraba State to secure the 10,000 hectares in Kurmi local government area of the state for the WCF and other partners to expand their investments in the nation’s cocoa industry.
WCF identifies Nigeria as growth opportunity amid global shortage
Earlier, the Vice President of the WCF, Mr Vincent, declared the Foundation’s readiness to work with the Nigerian government to revitalize the cocoa sector in Nigeria in line with the European Union’s sustainable regulations.
“We are in the middle of a global cocoa supply shortage, and the prices have risen four times over the last three years. We are looking for new supplies of cocoa, sustainable cocoa in particular,” he said.
Vincent highlighted the urgent need for new and sustainable sources of cocoa, pointing out that WCF represents the entire global cocoa supply chain, including the largest manufacturers of both chocolate and cocoa.
He emphasized that Nigeria’s ambition to expand cocoa production aligns with the global industry’s push for sustainable growth, adding that the current supply deficit presents a critical opportunity for countries like Nigeria to scale up production over the next two to three years.
