Cocoa Boom Rewrites Export Narrative in Nigeria
Cocoa has overtaken crude oil as Nigeria’s leading export to Belgium, with shipments jumping 606% in the fourth quarter of 2024, marking a seismic shift in trade dynamics.
This dramatic surge reflects the growing significance of agricultural commodities in Nigeria’s export economy. Beyond its economic implications, the trend signals potential shifts in policy, investment, and rural livelihoods.
- Q4 2024 – Cocoa exports to Belgium surged from ~₦171 billion to ₦1.2 trillion, a 606% year-on-year increase.
- Q1 2025 – Cocoa export revenue rose further, generating ₦1.32 trillion.
- Belgian Ambassador’s comment – The Ambassador to Nigeria highlighted cocoa’s newfound prominence as a primary export.
“Shipments of cocoa to Belgium in 2024 overtook those of crude oil.” — Belgian Ambassador to Nigeria, Pieter Leenknegt
For decades, Nigeria’s economy has rested on oil. This dramatic shift towards cocoa exports suggests strategic diversification, potentially reducing commodity dependence and supporting rural income generation. With global markets keen on sustainable and ethical sourcing, this trend may further boost Nigeria’s agricultural diplomacy.
Local agricultural economists note that if this growth continues, farmers across Ondo and Cross River States could see 20% increases in revenue, and cocoa could help reduce rural unemployment by as much as 12%—based on current export value projections.
Key stakeholders—including NASSCOM and the Ministry of Agriculture—are expected to convene soon to explore export infrastructure, farmer incentives, and quality assurance protocols to sustain growth momentum.
- Premium Times — “Cocoa overtakes crude oil as Nigeria's major export to Belgium in 2024 — Ambassador”
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