The Nigerian Cocoa industry in 2023: Opportunities for entrepreneurs

ABUJA, September 30 | — Nigeria is the fourth largest producer of cocoa worldwide, reportedly Côte d’Ivoire, Indonesia, and Ghana. The cocoa industry is a considerable contributor to the Nigerian agricultural economy, accounting for about 0.5% of the agricultural GDP and about 0.1% of GDP as a whole. Agriculture represented 22.6% of Nigeria’s $500bn GDP in 2022.

Nigeria exports over 90% of its cocoa produce – and that is the problem. About $330m in value. It utilises next to none, some of the remnant portions (10%) perhaps used by the farmers themselves. But the opportunities are huge.

The US imported about $5bn of cocoa and cocoa products in 2022. The same year over $53bn worth of chocolates and other cocoa products were consumed in the country. The opportunities for the Nigerian enterpreneurs and populace market are huge. Just needed are diligence, marketing, effort and threshold quality. Cocoa products are a thing that would be readily consumed by the Nigerian market. At an over $32bn home potential, the market will absorb any incremental share above the $330 million currently in circulation.

Cocoa products are very health beneficial. They help improve overall blood quality, have high calorie intake and could boost overall body responsiveness. They are rich in iron and magnesium and could be taken almost every week. Iron helps in blood production and magnesium helps in the formation of the bones and teeth. Cocoa products are good for breakfast especially in non-sugar added forms (check products). The US consumes about 9.0 kg of cocoa per person annually and Switzerland, 11.88 kg. Nigeria currently consumes 0.3 kg per person. The opportunities ahead are huge.