Cocoa becomes Nigeria’s top export to Belgium, overtaking crude oil
Nigeria’s cocoa shipments to Belgium surged past crude oil exports in 2024, marking a major shift in trade relations between both countries, Belgian Ambassador to Nigeria, Pieter Leenknegt, has revealed.
According to the National Bureau of Statistics (NBS), cocoa exports jumped by 606 per cent in the fourth quarter of 2024, rising from about ₦171 billion in late 2023 to ₦1.2 trillion in the same period of 2024. The momentum has continued into 2025, with the first quarter generating ₦1.32 trillion.
The boom has been driven by a weaker naira, higher global demand, and climate-related production setbacks in major cocoa producers such as Ivory Coast and Ghana. Cocoa now accounts for 77 per cent of Nigeria’s total agricultural exports, which stood at ₦1.70 trillion in the first quarter of 2025.
Speaking in an interview, Mr Leenknegt said the development presents Belgium with an opportunity to diversify its imports from Nigeria. “Historically, crude oil dominated Nigeria’s exports to Belgium. That is no longer true — cocoa has taken the lead,” he said.
Belgium emerged as one of the top destinations for Nigeria’s cocoa in 2024. However, experts note that the spike in exports is not primarily due to increased local production, but rather the attraction of higher foreign exchange earnings, which has prompted many farmers and traders to prioritise exports over local processing.
While Nigeria has cocoa processing firms producing items such as chocolate, many exporters prefer to sell raw beans abroad. This trend, they argue, is more profitable under the current exchange rate.
On broader trade relations, the Belgian envoy predicted that agriculture and health would be key focus areas for Belgian-Nigerian engagement in 2025.
Meanwhile, Nigeria’s refined petroleum imports from Belgium are already declining, a trend Mr Leenknegt attributed to “the Dangote Refinery effect,” as local refining capacity begins to reduce dependence on foreign fuel supplies.
