Nigeria’s cocoa industry is witnessing remarkable growth, with stakeholders reporting a market volume of 250,000 tonnes valued at over $6 billion. The figure is heavily influenced by international market prices, which recently surged to $10,000 per tonne, raising the market’s potential value to approximately $25 billion.
This was revealed during the 25th Anniversary and Awards Ceremony of Starlink Global & Ideal Ltd., held in Lagos. The company, Nigeria’s largest non-oil exporter, significantly boosts the GDP and strengthens the naira through foreign exchange earnings, according to the News Agency of Nigeria (NAN).
Adeyemi Adeniji, CEO of Starlink, highlighted the country’s untapped potential in commodities such as cashew, soya bean, and black seed. He urged the government to adopt policies supporting industrialisation and backward integration. “With cocoa prices at $10,000 per tonne, the market could generate $25 billion for Nigeria,” Adeniji stated.
Starlink is collaborating with Odu’a Investment to develop 25,000 hectares of land across West Africa, aiming for backward integration over five years. The company has also acquired Nigeria’s largest cocoa processing factory, expected to commence operations by April 2025, focusing on producing chocolate and cocoa drinks.
Bimbo Ashiru, Chairman of Odu’a Investment Group, stressed the need to transition Nigeria’s economy from oil dependency to agriculture. He revealed plans to revitalise the cocoa industry, which was a major export in the 1970s, and to establish a South West agro hub for cash crops like cocoa and cashew. “Agriculture offers immense opportunities for industrialisation and export diversification,” Ashiru stated.
Former President Olusegun Obasanjo, National Coordinator for Nigeria on the African Continental Free Trade Area (AfCFTA), praised Starlink’s achievements. He encouraged the company to evolve into an export trading firm, leveraging AfCFTA and Afreximbank agreements. “This approach will unlock growth, job creation, and economic development across Africa,” Obasanjo remarked.
Credit: NAN (Text Excluding Headline)
