Nigeria’s cocoa export revenue surges 3,000% in five years amid weak Naira, global supply constraints 

NIGERIA – Cocoa has emerged as Nigeria’s leading agricultural export, with earnings surging over 3,000 percent in five years, data from the National Bureau of Statistics (NBS) reveals.  

The significant rise in export value is attributed primarily to a depreciating naira and global supply disruptions, rather than increased domestic production. 

According to the NBS trade report for the first quarter of 2025, Nigeria generated N1.32 trillion (US$854.4B) from cocoa and its derivatives, marking a steep increase from N36.67 billion (US$23.76M) recorded in Q1 2021. This figure also reflects a sharp rise from N88.95 billion (US$ 57.6M) in Q1 2022 and N421.78 billion (US$273.25M) in Q1 2024. 

The report notes that agricultural exports in Q1 2025 reached a total value of N1.704 trillion (US$1.1B), a 64.65 percent increase from Q1 2024 and a 10.63 percent rise over Q4 2024. Of the total trade in agricultural goods, which stood at N2.74 trillion (US$1.78B), cocoa maintained a dominant position. 

Stakeholders in the cocoa value chain, however, caution that the dramatic growth in export earnings is largely driven by the naira’s devaluation rather than improvements in production output.  

Mufutua Abolarinwa, National President of the Cocoa Association of Nigeria (CAN), explained that the country’s cocoa production remains stagnant, averaging around 280,000 metric tons. 

“Production did not necessarily increase from its current 280,000 metric tons mark,” said Abolarinwa. “The high export revenue is mostly due to the dollar exchange rate.” 

According to the Food and Agriculture Organisation (FAO), Nigeria produced 284,232 metric tons of cocoa in 2023, showing only marginal growth compared to previous years. Analysts argue that this reflects the untapped potential within the sector if production is scaled. 

Adeola Adegoke, National President of the Cocoa Farmers Association of Nigeria (CFAN), noted that enhanced public and private sector support could increase production to 600,000 metric tons, unlocking further economic gains. 

Cocoa exports from Nigeria are primarily destined for Belgium and the Netherlands, which continue to be key markets for the commodity. 

Meanwhile, CFAN has called on the Federal Government to implement a regulatory-only structure for the proposed National Cocoa Management Board (NCMB).  

Adegoke cautioned that allowing the board to engage in commercial trading could undermine the sector’s revival and sustainability goals. 

He linked the decline of Nigeria’s cocoa industry to the 1986 dissolution of the Nigerian Cocoa Marketing Board, urging a focused approach that prioritises regulation, structural development, and long-term global competitiveness. 

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