Nigeria, Ghana, Côte d'Ivoire End Raw Cocoa Exports

Nigeria, Ghana, and Côte d'Ivoire have reached an agreement to end the export of raw cocoa beans, committing to a new strategy designed to boost local manufacturing and increase revenue from the global cocoa market, valued at $165 billion. This agreement was made during a high-level summit in Abuja, attended by Nigerian President Bola Ahmed Tinubu and Minister of Agriculture and Food Security Abubakar Kyari.

Kyari emphasized that Africa, which produces 70% of the world's cocoa, only retains 6% of the industry's value. The summit's declaration aims to reposition Africa within the global cocoa value chain, ensuring that cocoa-producing nations no longer remain mere price takers.

Nigeria is already expanding its local processing capacity with a new facility in Shagamu, which will increase the country's grinding capacity to 120,000 tons annually. The agreement also includes coordinated policies to enhance investment in processing and manufacturing, improve sustainability, and create jobs.