Cocoa Exports Surge as Industry Outshines Oil in Q4 2024
Nigeria's cocoa exports skyrocketed by 606% in Q4 2024, overtaking crude oil in trade value—a dramatic shift reshaping the nation’s export economy with deep rural and strategic implications.
This surge underscores the growing role of agriculture in Nigeria’s economic future, triggered by a global cocoa price rally and strengthening rural income streams. The transformation could reshape trade policy, boost non-oil exports, and revitalize cultivation zones.
A detailed map of Ondo State’s top cocoa-producing LGAs.
- Q4 2024 – Nigeria exported ₦1.2 trillion (~US$0.78 billion) in cocoa, up from ₦171 billion (~US$0.11 billion) the previous year—a 606% increase.
- Q1 2025 – Cocoa exports totaled ₦1.32 trillion, marking a 3,000% increase over 2021 levels.
- 2024 Total – Exports by country: Netherlands ($689M), Malaysia ($425M), Belgium ($127M), Indonesia ($92M), Ghana ($44M).
- Growth Context – Cocoa prices surged 132% in 2024, peaking near $10,353/ton by December—led by shortages in Côte d’Ivoire and Ghana.
A trade-export chart showing how Nigeria compares globally.
“Shipments of cocoa to Belgium in 2024 overtook those of crude oil.” — Pieter Leenknegt, Belgian Ambassador to Nigeria
Historically overshadowed by oil, agriculture is emerging as a major export driver. With the average cocoa price doubling, Nigerian farmers—especially in Ondo, Cross River, and other southern states—have revitalized production. The country earned N1.32 trillion from cocoa in just Q1 2025.
A visual of the world’s leading cocoa and chocolate exporters.
Retail investors and policy analysts estimate that farmers in Ondo and Cross River could see 20% income growth, potentially lowering rural unemployment by 12%. Meanwhile, membership in the Cocoa Farmers Association is booming as “cocoa boys”—engineers, bankers, scientists—return to farming, injecting rural economies with new capital and ideas.
NASS, the Ministry of Agriculture, and trade authorities are expected to act on cocoa export facilitation, quality assurance, and farmer incentives. Investments in logistics and processing (such as the £40.5 million deal for Johnvents in Ondo State) could bolster value-added export capacity.
- NBS / BusinessDay — Cocoa export surge and value stats.
- NBS export breakdown by country.
- Cocoa price trends (ICCO).
- Ambassador statement.
- “Cocoa boys” trend.
- Johnvents investment.
0 Comments