Tinubu Moves To Keep Cocoa Wealth In Nigeria Through Local Processing

(cocoa industry. Photo by Premuim Times)

President Bola Tinubu has declared that Nigeria must shift away from exporting raw cocoa beans and instead focus on processing the commodity locally in order to capture greater value from the global chocolate market.

The president, represented by the Minister of Agriculture and Food Security, Abubakar Kyari, made this declaration on Tuesday at the Cocoa Value Addition Summit 2026 held in Abuja.

The summit, themed "From Bean to Brand: The Bean in My Hand, The Brand in Our Future," brought together government officials, representatives of cocoa-producing nations, investors, development partners, and industry stakeholders to deliberate on strategies for expanding cocoa processing and manufacturing across the African continent.

According to President Tinubu, Nigeria can no longer afford to rely on exporting raw agricultural commodities while other countries reap the bulk of profits from processing, branding, and manufacturing finished goods.

"Nigeria will no longer export raw beans while importing finished value.

We will grind our beans at home, we will press our butter at home, we will make our chocolate at home, brand it at home, and sell it to the world on our own terms," he said.

He noted that more than 300,000 Nigerian farming households cultivate cocoa across over 1.4 million hectares of land, positioning Nigeria among the world's leading cocoa producers, accounting for roughly six to seven per cent of global output.

The president disclosed that cocoa generated over N3 trillion in export earnings during the recent surge in global prices, but stressed that exporting raw beans meant Nigeria was capturing only a small fraction of the industry's overall economic value.

He pointed to ongoing local processing investments, including a 70,000-metric-tonne cocoa processing facility currently under construction in Sagamu, Ogun State, adding that Nigeria's annual cocoa grinding capacity has now surpassed 120,000 metric tonnes.

Industrial policy

The Minister of State for Industry, John Owan Enoh, said the initiative aligns with Nigeria's broader industrial policy aimed at reducing dependence on raw commodity exports while expanding domestic manufacturing.

"We are not interested in exporting anonymous sacks anymore. We are interested in exporting value.

If Nigeria truly wants to build a one-trillion-dollar economy, it cannot continue exporting raw materials while other countries earn the real wealth from processing and branding them," he said.

Enoh also revealed that Nigeria is collaborating with Ghana, Côte d'Ivoire, and Cameroon to establish an African cocoa alliance designed to strengthen the continent's bargaining power within the global cocoa market.

He explained that the proposed alliance would coordinate policies on cocoa processing, value addition, and trade among the countries responsible for the bulk of global cocoa production.

BOI pledges financing

The Managing Director of the Bank of Industry (BOI), Olasupo Olusi, stated that the bank is ready to provide long-term financing to support investments across the entire cocoa value chain.

He disclosed that the bank disbursed more than N164 billion to over 3,500 agro-processing and food businesses in 2025, and had recently secured a €60 million credit facility from the European Investment Bank to support cocoa processing projects.

"Our goal is to finance everything from nurseries and cooperatives to grinding plants, ingredient factories, packaging lines and chocolate manufacturers," Olusi said.

Also contributing to the discussion, the Chief Executive of the Ghana Cocoa Board, Ransford Abbey, called for closer cooperation among Africa's leading cocoa-producing nations, noting that although the continent produces between 75 and 77 per cent of the world's cocoa, it earns less than 10 per cent of the value generated by the global chocolate industry.

"We do not need charity. We deserve equity. The time has come for Africa to process its own wealth, protect its farmers and negotiate with one voice in the global cocoa market," he said.

The renewed drive for local processing comes as Nigeria seeks to diversify its export earnings away from crude oil and boost agriculture's contribution to industrial growth.

Although Africa accounts for roughly 70 per cent of global cocoa production, most of the value derived from chocolate manufacturing continues to be captured in Europe and North America, where beans are processed into butter, powder, and finished confectionery products.

For years, industry stakeholders have argued that expanding domestic processing capacity would generate jobs, boost foreign exchange earnings, and strengthen Nigeria's standing within global agricultural value chains.

Recent investments in cocoa processing facilities and financing initiatives form part of broader efforts to transition the country from exporting raw commodities to exporting higher-value manufactured goods.

The summit concluded with the adoption of the Cocoa Value Addition Accord and a proposed Abuja Declaration, both aimed at accelerating domestic cocoa processing, attracting investment, improving farmers' incomes, and deepening collaboration among Africa's major cocoa-producing nations.