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

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 ...