Nigeria is establishing itself as a rising power in the world of cocoa. Africa's third-largest producer, the country has been experiencing a veritable revolution in this strategic agricultural sector since 2022. In just two years, the price of a standard bag of cocoa has soared from 60,000 to 800,000 naira, a more than thirteen-fold increase.
This spectacular surge in prices, fuelled by rising world demand and fluctuating harvests in other producing regions, has reawakened Nigerians' interest in the crop. Many young farmers are now getting into the cocoa business, revitalizing an industry long dominated by traditional players.
An economic engine in the throes of transformation
Soaring prices don't just benefit producers. It is stimulating the entire value chain: cooperatives, exporters, processors and logistics. Local and foreign investment is reinforcing this dynamic. The Nigerian government, for its part, is determined to modernize the sector, focusing on training, access to credit and improved rural infrastructure.
While neighboring countries such as Côte d'Ivoire and Ghana continue to top the world rankings, Nigeria is now playing the spoilsport. With fertile land, a young workforce and unprecedented prospects for profitability, the cocoa sector could well become one of the country's most promising economic engines.
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