Nigeria's Cocoa Exports Surge by 3,000% in Five Years

Strategic Insights -

Nigeria's flagship export crop, cocoa, has witnessed a significant surge in exports over the past five years, with data from the National Bureau of Statistics showing a 3,000% increase. The value of cocoa exports in the first three months of 2025 reached N1.32 trillion, surpassing the values recorded in the same period in 2021 and 2022. The growth in cocoa exports is attributed to the weakening of the naira against the dollar, which has made Nigerian cocoa more competitive in the international market. However, stakeholders in the value chain note that this increase is not due to an increase in production, but rather the devaluation of the naira.

Key Takeaways:

  • The value of cocoa exports in Nigeria reached N1.32 trillion in Q1 2025, up from N36.67 billion in Q1 2021.
  • The increase in cocoa exports is attributed to the weakening of the naira against the dollar, which has made Nigerian cocoa more competitive in the international market.
  • Cocoa production in Nigeria remains stagnant, with data from the Food and Agriculture Organisation showing that cocoa production in Nigeria is around 280,000 metric tons.
  • The Belgian and Dutch markets are major buyers of Nigeria's cocoa exports.
  • Cashew, sesame, and soybeans are the next top agricultural exports in Nigeria, with values of N172.33 billion, N129.82 billion, and N29.61 billion respectively.
  • Durum wheat is the top imported agricultural commodity in Nigeria, with imports valued at N159.29 billion.
  • The federal government's interventions and the entry of youths into the agricultural sector have contributed to the growth in agricultural trade.

Statistics:

  • The value of cocoa exports in Nigeria reached N1.32 trillion in Q1 2025, a 3,017% increase from Q1 2021.
  • The value of agriculture exports in Nigeria in Q1 2025 stood at N1.70 trillion, with cocoa accounting for 77% of the total value.
  • The value of agricultural imports in Nigeria in Q1 2025 stood at N2.74 billion, with durum wheat accounting for 57% of the total value.
  • The production value of cocoa in Nigeria is around 280,000 metric tons, with the country standing to gain significantly from increasing production.
  • The expected production target is 600,000 metric tons, with adequate support from the private and public sectors.

Sources:

  • National Bureau of Statistics (NBS) trade report, citing Nigeria's economic performance in Q1 2025.
  • Food and Agriculture Organisation (FAO) data on cocoa production in Nigeria, as of 2023.
  • Interview with Mufutua Abolarinwa, national president of the Cocoa Association of Nigeria (CAN).
  • Interview with Adeola Adegoke, national president of the Cocoa Farmers Association of Nigeria.