President Bola Tinubu has announced plans to end the export of raw cocoa beans from Nigeria, declaring that the country will henceforth focus on local processing and value addition to maximise economic benefits from one of its leading agricultural commodities.
The President made the declaration on Tuesday at the Cocoa Value Addition Summit 2026 in Abuja.
He was represented by the Minister of Agriculture and Food Security, Senator Abubakar Kyari.
Speaking at the summit, themed “From Bean to Brand: The Bean in My Hand, The Brand in Our Future,” Tinubu said Nigeria could no longer afford to export raw cocoa while importing finished chocolate products.
He said the Federal Government was committed to building a cocoa industry driven by local processing, manufacturing, branding and export of finished products, a move aimed at creating jobs, attracting investment and boosting foreign exchange earnings.
“Nigeria will no longer export raw beans while importing finished value. We will process our cocoa at home, manufacture our chocolate locally, build Nigerian brands and compete in the global market,” the President said.
Tinubu noted that although Africa accounts for about 70 per cent of global cocoa production, it earns only a small share of the over $130 billion global chocolate market because most value addition takes place outside the continent.
He revealed that a 70,000-tonne cocoa processing plant is under construction in Sagamu, describing it as the largest processing facility ever undertaken in the country.
He added that Nigeria’s cocoa grinding capacity has already exceeded 120,000 tonnes annually and continues to expand.
According to the President, more than 300,000 farming families cultivate cocoa across over 1.4 million hectares in Nigeria, with the crop contributing significantly to the country’s non-oil export earnings.
He stressed, however, that the era of depending on raw commodity exports must come to an end.
Also speaking at the summit, the Minister of State for Industry, Senator John Owan Enoh, said Nigeria’s focus was no longer on exporting large volumes of cocoa beans but on exporting finished products with greater economic value.
He maintained that achieving the Federal Government’s target of building a one-trillion-dollar economy would require increased domestic manufacturing rather than continued dependence on raw material exports.
Enoh also disclosed that the Federal Government was working with Ghana, Côte d’Ivoire and Cameroon to establish a stronger African cocoa alliance capable of controlling about 75 per cent of global cocoa production, thereby strengthening the continent’s influence in international cocoa markets.
The Managing Director and Chief Executive Officer of the Bank of Industry, Dr. Olasupo Olusi, pledged the bank’s continued support for the cocoa sector through long-term financing.
He disclosed that the bank disbursed over ₦164 billion to more than 3,500 agro-processing and food businesses in 2025 and had secured a €60 million credit facility from the European Investment Bank to support cocoa processing, manufacturing and other value-chain investments.
The summit concluded with the adoption of the Cocoa Value Addition Accord and the proposed Abuja Declaration, both of which seek to accelerate domestic cocoa processing, improve farmers’ incomes, attract investments and deepen collaboration among Africa’s major cocoa-producing nations.
The Tinubu administration says the initiative forms part of its broader strategy to industrialise the economy, diversify exports, create employment opportunities and increase Nigeria’s foreign exchange earnings through value-added agricultural production.
