Nigeria eyes cocoa processing boost, $25bn gas pipeline investment to Europe

By Kunle Sanni

Vice President Kashim Shettima has reaffirmed the federal government’s commitment to transforming Nigeria’s cocoa industry from raw commodity production to full-scale processing, as part of efforts to boost value addition and create jobs across the agricultural sector.

Speaking during a meeting with the World Cocoa Foundation (WCF) at the Presidential Villa on Monday, the Vice President said the administration of President Bola Ahmed Tinubu is determined to revamp the nation’s agricultural value chains, beginning with cocoa.

“We don’t want to be mere producers of cocoa; we want to be processors,” Shettima said, highlighting the significant difference in global market value between raw and processed cocoa. “A tonne of cocoa fetches about $9,000, but processed cocoa can bring in $30,000. Chocolate bars can go as high as $50,000.”

To spearhead this transformation, Shettima revealed that the Federal Executive Council (FEC) has approved the establishment of a National Cocoa Management Board. The board will lead reforms aimed at reviving cocoa farming, promoting sustainability, and encouraging investment in processing infrastructure.

Recalling Nigeria’s former status as a leading cocoa exporter, the Vice President said the sector was neglected following the oil boom but is now a key part of the Renewed Hope Agenda. He stressed that the government is working to reclaim lost ground through targeted partnerships and investments.

Shettima also pledged government support for WCF initiatives in Nigeria and said he was personally engaging with the governor of Taraba State to secure 10,000 hectares of land for cocoa farming in Kurmi Local Government Area.

WCF President Chris Vincent, who led the delegation, said the global cocoa industry is facing a supply shortage and views Nigeria as a critical player in filling that gap sustainably. “Prices have quadrupled in the past three years. The next two to three years present an opportunity for Nigeria,” he said.

In a separate meeting held the same day, Vice President Shettima said Nigeria is actively seeking $25 billion in foreign investment to build an undersea gas pipeline that would deliver natural gas to Europe.