The Minister of Agriculture and Food Security, Abubakar Kyari, has stated that Nigeria’s coca export accounted for 29 per cent of total agricultural export valued at N1.24 trillion in 2023.
According to him, cocoa also represented 5.6 per cent of total non-oil exports recorded in 2023. Kyari stated this during a courtesy visit by the National Cocoa Management Committee (NCMC) in Abuja.
He stated that in January 2024, a tonne of cocoa bean was valued at N1.8 million while it is being valued at N11.2million per tonne presently in the Nigerian market. “This implies that cocoa development in Nigeria is economically viable for investment both locally and internationally,” he said.
He however stated that NCMC is also to guarantee quality, transparency, and sustainability in the cocoa value chain, maintaining that the establishment of NCMC is premised on the importance of cocoa to the economy of Nigeria. “It is on record that Nigeria generated N356.16 billion worth of cocoa beans and its allied products in 2023 which makes it the highest agricultural contributor to the GDP,” he stressed. “I was made to understand that the NCMC is in a good position to implement the National Cocoa Plan being championed by both Federal Ministries of Agriculture & Food Security and Industry, Trade and Investment.”
