Nigeria set to revive cocoa industry amid crude oil crisis

Published May 21, 2025

Tridge summary

Nigeria is seeking to revitalize its agricultural sector, particularly cocoa, in the face of falling crude oil revenues and rising global cocoa prices. The country, which is the world's fourth-largest cocoa producer, according to the International Cocoa Organization, has been outperformed by neighboring Ivory Coast and Ghana. The government is taking steps to establish a national cocoa authority and boost infrastructure and support for the industry. However, challenges such as banditry, conflicts between farmers and herders, lack of financing, smuggling, and the practice of exporting raw cocoa instead of processing it domestically need to be addressed. Nigeria is at a crossroads, where it can either diversify its economy by investing in cocoa or continue to rely heavily on oil, risking losing in the global agribusiness market.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

A sharp rise in global cocoa prices and a drop in crude oil revenues have forced Nigeria to look to agriculture as a potential economic driver. However, a lack of infrastructure, regulation and climate change are raising questions about the revival of the industry, which in 2006 produced 485,000 tonnes, but now lags behind neighbouring Ivory Coast (1.67 million tonnes) and Ghana (530,000 tonnes). According to Jeune Afrique, the cocoa boom of the 1960s allowed Nigeria to build the “House of Cocoa” in Ibadan, which today is a symbol of its former prosperity. The building has fallen into disrepair, as has the industry itself. According to the International Cocoa Organization (Icco), the country ranks fourth in the world, behind Ecuador, Ghana and Ivory Coast. Potential and Policy Initiatives “Nigeria can do better than its neighbours if it focuses on agriculture rather than oil,” says Adeola Adegoke, head of the Cocoa Association of Nigeria (CFAN). In May, the government approved a ...

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