Vice President Kashim Shettima has stated that Nigeria could generate as much as $50,000 per tonne by processing cocoa into finished goods like chocolate bars, rather than exporting raw cocoa beans.
He made this known on Monday during a meeting with a delegation from the World Cocoa Foundation (WCF), led by its President, Mr. Chris Vincent, at the Presidential Villa in Abuja.
According to the Vice President, the Tinubu administration is deeply committed to revitalizing Nigeria’s cocoa industry and strengthening the entire agricultural value chain. The goal, he said, is to shift the country’s role from simply producing raw cocoa to processing it for the global market.
To support this transformation, Shettima noted that the Federal Executive Council (FEC) recently approved the creation of a National Cocoa Management Board (NCMB) — a strategic move aimed at restructuring and boosting the sector.
Highlighting the economic potential, Shettima explained that while raw cocoa fetches around $9,000 per tonne, processed cocoa products could earn up to $50,000 per tonne. He emphasized the importance of value addition and assured the WCF delegation that Nigeria has the human capacity — especially among its youth — ready to take up opportunities in the agricultural sector.
He said, “We don’t want to be producers of cocoa; we want to be processors of cocoa because a tonne of cocoa will fetch you $9,000 now, but processed cocoa will get you $30,000. If you turn them into chocolate bars, that might fetch you $50,000.
“So, we have the manpower, the average age of the nation is 17. We have very virile young men who are willing to work if they have the opportunity. So, I’m speaking from the heart; we are willing to partner with your organization,” he said.
Leading by example with cocoa farming
VP Shettima also disclosed that he was already working on building a cocoa farm to lead by example, saying the passion is not driven by profit-making but by the desire to contribute to the social welfare of the country.
“I want to walk the talk. It is not even about the profit criteria; no. It’s about the social welfare criteria – employing people. Look, 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.”
The Vice President pledged Nigeria’s readiness to work with WCF, assuring that he would personally engage the governor of Taraba State to secure the 10,000 hectares in Kurmi local government area of the state for the WCF and other partners to expand their investments in the nation’s cocoa industry.
WCF identifies Nigeria as a growth opportunity amid the global shortage
Earlier, the Vice President of the WCF, Mr Vincent, declared the Foundation’s readiness to work with the Nigerian government to revitalize the cocoa sector in Nigeria in line with the European Union’s sustainable regulations.
“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 cocoa, sustainable cocoa in particular,” he said.
Vincent highlighted the urgent need for new and sustainable sources of cocoa, pointing out that WCF represents the entire global cocoa supply chain, including the largest manufacturers of both chocolate and cocoa.
He emphasized that Nigeria’s ambition to expand cocoa production aligns with the global industry’s push for sustainable growth, adding that the current supply deficit presents a critical opportunity for countries like Nigeria to scale up production over the next two to three years.
