Nigeria is turning to cocoa as an alternative to its struggling oil sector. With oil production and prices falling below budget expectations, the government is seeking to revitalize cocoa exports. The crop has witnessed a resurgence in recent years, with prices surging over 400% in three years and reaching $12,000 per ton in recent trading. To support this shift, President Bola Tinubu’s cabinet approved a bill to establish a National Cocoa Management Board, aiming to regulate the industry without imposing price controls. This move addresses global demands for sustainable and traceable cocoa, especially under the EU’s Deforestation Regulation. By enhancing quality standards and providing structured support, Nigeria aims to reclaim its position among the top global cocoa producers and diversify its economy beyond oil.
African Business
