BusinessDay
Dominic Joshua
April 30, 2025
Nigeria stands at a critical crossroads. With inflation surging, foreign exchange markets under pressure, and the economy grappling with the aftershocks of subsidy removals and policy instability, the question on every business leader’s mind is: Where do we go from here?
As a cocoa entrepreneur and business consultant, my answer is simple: we go back to the roots. Agriculture, especially cocoa and its value chain, holds untapped potential to revive our economy, create jobs, boost exports, and most importantly, stabilise our national income.
The cocoa opportunity
Cocoa is more than just a cash crop; it is a strategic economic lever. Nigeria was once a global leader in cocoa production. Today, we lag behind countries like Ivory Coast and Ghana, not because of a lack of potential, but due to a neglect of value addition, policy inconsistency, and underinvestment in agro-processing.
The global demand for chocolate and cocoa-based products continues to rise. Yet, we export raw cocoa beans instead of finished products, losing billions in potential revenue and job opportunities. Imagine the economic transformation if Nigeria processed even 50 percent of its cocoa locally—jobs would be created, forex would be earned, and local economies would boom.
Economic resilience through value chains
The cocoa value chain is vast: from farming and warehousing to processing, packaging, and export. With the right policies and incentives, cocoa can become a bedrock of Nigeria’s non-oil exports. Investing in agro-industrial clusters, providing credit access to farmers, and establishing processing zones will not only generate employment but also reduce our dependence on imported goods.
As a business consultant, I see an increasing interest from young entrepreneurs who want to enter agribusiness but lack the right structure, mentorship, and funding. A public-private partnership model can bridge this gap. Government must focus on infrastructure, power, and logistics, while the private sector drives innovation, investment, and marketing.
Why now?
Nigeria’s current economic pulse demands a shift. We can no longer rely on crude oil as the mainstay of our economy. With the naira under pressure, cocoa offers a stable, export-driven revenue stream that can cushion forex shortages. Furthermore, local production reduces import dependency and supports food security.
This is not just about cocoa. It is about a mindset shift—from consumption to production, from export of raw materials to export of finished goods, from unemployment to entrepreneurship.
The way forward
To revitalise Nigeria’s cocoa industry, several strategic actions are necessary. First, comprehensive policy reform is needed to streamline export processes, eliminate bureaucratic bottlenecks, and create incentives that encourage local production. Equally important is improving access to credit by establishing agribusiness funds that provide low-interest loans specifically targeted at cocoa farmers and processors. Building technical capacity across every level of the cocoa value chain through specialised training programmes is essential to enhance productivity and product quality. Finally, raising public awareness by promoting agribusiness as a viable and profitable career path for young Nigerians will help attract a new generation of entrepreneurs and ensure the long-term sustainability of the sector.
In conclusion
Agribusiness is not merely a fallback plan for Nigeria’s economy; it is the foundation of a sustainable and prosperous future. In particular, cocoa, once a proud symbol of our economic vitality, holds untapped potential that can drive national growth if we act with urgency and intention. By taking deliberate steps today—through policy reforms, strategic investments, capacity building, and value addition—we can restore cocoa’s prominence and transform it from a forgotten commodity into a powerful currency of economic stability and global relevance.
Now is the time to invest in what we have, to process what we grow, and to add value at every stage of the agricultural chain. By doing so, we not only create wealth but also generate employment, empower rural communities, and reduce our dependence on volatile oil revenues. Let us build a Nigeria that is proud of its resources, confident in its industries, and committed to nourishing its people through smart, inclusive economic practices. The future of Nigeria is rooted in its soil—if we nurture it wisely, it will yield prosperity for generations to come.
Dr Dominic Joshua is the Managing Director of Cultivate Africa and an agro-investor and business consultant.
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