Vice President Kashim Shettima has declared that Nigeria could dramatically increase its earnings from cocoa by processing the commodity into finished goods such as chocolate bars, instead of relying solely on raw bean exports. According to him, the nation stands to earn as much as $50,000 per tonne through value-added cocoa products, compared to the current $9,000 per tonne from raw exports.

Shettima made these remarks during a high-level meeting with the World Cocoa Foundation (WCF) delegation, led by its President, Chris Vincent, at the Presidential Villa in Abuja on Monday. The discussion marked a renewed push by the Nigerian government to unlock the vast economic potential within its cocoa sector through industrialization and international partnerships.

Moving from Production to Processing: Nigeria’s Cocoa Agenda

During the meeting, Vice President Shettima emphasized that the administration of President Bola Tinubu is strongly committed to transforming Nigeria’s agricultural value chain—starting with cocoa. He made it clear that the government no longer wants Nigeria to be a mere exporter of raw cocoa beans. Instead, the focus is on processing cocoa domestically and competing globally with finished products such as chocolate and cocoa derivatives.

“We don’t want to be producers of cocoa; we want to be processors of cocoa,” Shettima stated. “A tonne of raw cocoa will fetch you $9,000 now, but processed cocoa earns $30,000, and turning it into chocolate bars could yield as much as $50,000.”

To support this ambition, the Federal Executive Council (FEC) has recently approved the establishment of a National Cocoa Management Board (NCMB), aimed at revamping the nation’s cocoa industry and streamlining its regulatory framework.

Youth Employment and Capacity: Nigeria’s Untapped Asset

The Vice President further pointed out that Nigeria has the human capital required to drive this transformation, with a population that is predominantly youthful. With an average age of just 17, he stressed that there is a vibrant and energetic workforce eager for employment—particularly in sectors like agriculture and food processing.

“We have very virile young men who are willing to work if they have the opportunity,” Shettima said. “So, I’m speaking from the heart; we are willing to partner with your organization.”

He also shared his personal involvement in the cocoa sector, revealing that he is building a cocoa farm as a way to lead by example. He noted that his motivation is not financial gain but rather social impact through job creation and economic empowerment.

“It’s not about the profit. It’s about the social welfare criteria – employing people,” he said. “Let me take you to my farm and you’ll be convinced that the new Nigerian leadership is actively involved and is itching to drive the process.”

Strategic Land Commitments and Partnerships

To further solidify Nigeria’s commitment to cocoa development, Shettima disclosed that he would personally engage the governor of Taraba State to secure 10,000 hectares of land in Kurmi Local Government Area. This land, he said, would be made available for the WCF and other development partners to expand investments in the country’s cocoa sector.

This strategic move aligns with the administration’s broader goal of attracting foreign investment and technology into the agricultural sector, while also ensuring that Nigerian farmers and processors benefit from global best practices and access to international markets.

World Cocoa Foundation Sees Nigeria as Key Growth Frontier

On his part, Chris Vincent, President of the World Cocoa Foundation, acknowledged Nigeria’s strategic importance in the global cocoa ecosystem. He noted that the world is currently experiencing a severe cocoa supply shortage, with prices quadrupling over the past three years.

“We are in the middle of a global cocoa supply shortage, and the prices have risen four times over the last three years. We are looking for new supplies of sustainable cocoa in particular,” Vincent stated.

He emphasized that the WCF—comprising major global cocoa and chocolate manufacturers—is eager to partner with Nigeria in meeting this urgent supply gap, particularly by supporting sustainable and environmentally conscious farming practices in line with European Union regulations.

Global Cocoa Shortage: A Golden Opportunity for Nigeria

The meeting between the Nigerian government and the WCF comes at a time when the global cocoa market is under immense pressure. Factors such as climate change, aging farms, and pests have contributed to declining yields in traditional cocoa-producing countries like Ivory Coast and Ghana. Consequently, buyers are actively looking for new and reliable sources of cocoa, especially those adhering to sustainability standards.

For Nigeria, which was once the second-largest cocoa producer in the world, the current global crisis presents a rare opportunity to reclaim a leading position in the cocoa value chain. By adopting modern agricultural practices, investing in processing infrastructure, and embracing partnerships like that with the WCF, Nigeria could become a major player in the premium chocolate and cocoa market.

What Nigeria Must Do to Capitalize on the Cocoa Boom

To maximize this opportunity, experts say Nigeria must address a number of critical issues:

1. Infrastructure Development – Building processing plants and transportation networks to facilitate the movement of raw and processed goods.

2. Access to Finance – Providing affordable credit to cocoa farmers and processors to scale production and adopt new technologies.

3. Sustainability Standards – Ensuring compliance with international labor, environmental, and quality standards to gain access to EU and U.S. markets.

4. Capacity Building – Training farmers in modern agronomic practices and empowering youth to engage in agribusiness.

5. Stable Policy Framework – The newly approved National Cocoa Management Board must coordinate with both federal and state governments to provide regulatory clarity and long-term planning.

Conclusion: Cocoa as Nigeria’s New Economic Frontier

Vice President Shettima’s bold vision for the Nigerian cocoa industry signals a transformative shift in how the country intends to engage with global commodity markets. By moving up the value chain—from producer to processor—Nigeria can significantly increase its earnings, create jobs, and drive industrial growth.

With the support of international partners like the World Cocoa Foundation, and an enabling policy environment at home, cocoa could become Nigeria’s next oil—a high-value export product that drives inclusive economic development.

As global demand for cocoa continues to outstrip supply, Nigeria must act fast to solidify its position as a reliable, sustainable, and value-adding cocoa hub on the African continent.