Cocoa boosts Nigeria’s economy with market valued at $6 billion

Published 2024년 12월 5일

Tridge summary

Nigeria's cocoa sector has achieved a market value of US$6 billion, as reported by industry experts, with the potential to expand to US$25 billion. The country produces around 250,000 tonnes of cocoa annually, a key contributor to its economic diversification. The growth in the cocoa market is attributed to increased exports and improved trade balance, with global cocoa prices around US$10,000 per tonne. The sector also has a significant social impact, providing livelihoods for thousands of rural workers. Nigeria is strengthening its position as a major player in the global cocoa industry by investing in infrastructure and agricultural technologies.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Nigeria’s cocoa sector, which produces around 250,000 tonnes of cocoa annually, has reached an impressive market value of US$6 billion, according to industry experts. The growth reflects the strategic importance of cocoa not only as an agricultural commodity but as a driving force for the country’s economic diversification. With global cocoa prices currently hovering around US$10,000 per tonne, the potential for expansion is significant. Projections suggest that Nigeria’s cocoa market could reach as much as US$25 billion, further boosting its relevance on the global stage. At the 25th anniversary of Starlink Global & Ideal Ltd. held in Lagos, industry leaders highlighted the importance of cocoa in driving sustainable economic growth. The company’s CEO, Alhaji Adeyemi Adeniji, reinforced the strategic role of the commodity: “The cocoa market, in terms of volume, is only about 250,000 tons, but in terms of value, it reaches about US$6 billion or more, depending on the price in the ...

Source: Mercado Do Cacau