Tinubu Bans Raw Cocoa Exports to Boost Local Processing

On Tuesday, President Bola Tinubu declared that Nigeria will no longer export raw cocoa beans, emphasizing the need for local processing to capture the full economic value of the cocoa industry. This announcement was made during the Cocoa Value Addition Summit 2026 in Abuja, attended by key stakeholders including Minister of Agriculture and Food Security Abubakar Kyari.

Tinubu stated that Nigeria, which produces 6-7% of the world's cocoa, aims to grind and process cocoa beans domestically, thereby creating jobs and attracting investments. He noted that Africa produces 70% of the world's cocoa but earns a small share of the $130 billion global chocolate industry.

The summit also highlighted Nigeria's plan to collaborate with Ghana, Côte d'Ivoire, and Cameroon to establish an African cocoa alliance. The Bank of Industry, represented by Olasupo Olusi, is prepared to finance investments in the cocoa value chain, with a goal of disbursing N164 billion by 2025 to support agro-processing businesses.