Tinubu declares end to raw cocoa exports, unveils plan for local processing

President Bola Tinubu has declared an end to Nigeria's practice of exporting raw cocoa beans, unveiling an ambitious strategy to transform the nation's cocoa industry through domestic processing, industrialization, and value addition. Represented by the Minister of Agriculture and Food Security, Senator Abubakar Kyari, at the Cocoa Value Addition Summit 2026 in Abuja, the President emphasized that the era of exporting raw agricultural commodities without capturing their full economic value must end.

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Seven of every ten cocoa pods on this earth ripen under the African sun. They are grown by African hands on African soil with African knowledge passed down through generations, and yet of a global chocolate economy now valued at well over $130bn and by some recent estimates approaching $165bn.

The initiative aims to create jobs, attract investments, and significantly increase foreign exchange earnings from cocoa. Tinubu highlighted that while Africa produces about 70 percent of the world's cocoa, the continent earns a minuscule fraction of the global chocolate industry's value, estimated at over $130 billion, because most processing and manufacturing occur overseas. "Nigeria will no longer export raw beans while importing finished value. We will ground our beans at home, we will press our butter at home, we will make our chocolate at home, brand it at home and sell it to the world on our own terms," he stated.

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Nigeria will no longer export raw beans while importing finished value. We will ground our beans at home, we will press our butter at home, we will make our chocolate at home, brand it at home and sell it to the world on our own terms.

Evidence of this shift is already emerging, with Nigerian investors constructing a 70,000-ton processing facility in Sagamu, reportedly the largest in the nation's history. The country's national grinding capacity has reportedly surpassed 120,000 tons annually and continues to grow, with the Bank of Industry prepared to deploy capital into viable projects.

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Our national grinding capacity has crossed 120,000 tons a year, and it’s growing. The Bank of Industry stands ready as a co-convener of this summit, with capital prepared for deployment into bankable projects.

More than 300,000 Nigerian farming families cultivate cocoa across over 1.4 million hectares, positioning the country as a leading global producer. While cocoa has historically generated substantial export earnings, contributing significantly to non-oil exports, the focus is now shifting from raw bean exports to maximizing value domestically. The President asserted that Nigeria is "offering the best open position in the global food economy" and is "open for business, and we are serious."

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There has never been a moment when processing of origin made more commercial sense than it does today. Nigeria is not asking for charity. Nigeria is offering the best open position in the global food economy. We are open for business, and we are serious.