Tinubu Bans Raw Cocoa Exports, Pushes Local Processing to Boost Economy
President Bola Tinubu has announced that Nigeria will no longer export raw cocoa beans, declaring that the country will instead focus on local processing, value addition and industrialisation to maximise earnings from the cocoa sector.
The President, represented by the Minister of Agriculture and Food Security, Senator Abubakar Kyari, made the announcement on Tuesday at the Cocoa Value Addition Summit 2026 in Abuja. He said the era of exporting raw agricultural commodities without capturing their full economic value had come to an end, stressing that the new policy would create jobs, attract investment and increase foreign exchange earnings.
Speaking on the summit’s theme, “From Bean to Brand: The Bean in My Hand, The Brand in Our Future,” Tinubu noted that although Africa produces about 70 per cent of the world’s cocoa, it receives only a fraction of the estimated $130 billion global chocolate market because most processing, branding and manufacturing take place outside the continent.
He declared that Nigeria would now process its cocoa locally before exporting finished products.
“Nigeria will no longer export raw beans while importing finished value. We will grind our beans at home, press our butter at home, make our chocolate at home, brand it at home and sell it to the world on our own terms,” the President said.
Tinubu pointed to ongoing investments in the sector, including the construction of a 70,000-ton cocoa processing facility in Sagamu, which he described as the largest in the country’s history. He added that Nigeria’s annual cocoa grinding capacity had surpassed 120,000 tonnes and would continue to expand, with the Bank of Industry ready to finance viable projects across the value chain.
According to the President, more than 300,000 Nigerian farming families cultivate cocoa on over 1.4 million hectares, making the country one of the world’s leading producers with between six and seven per cent of global output. He noted that cocoa generated over ₦3 trillion in export earnings when global prices exceeded $10,000 per tonne, but insisted that continued export of raw beans was no longer economically sustainable.
“There has never been a better time for processing cocoa at its source. Nigeria is not asking for charity; Nigeria is offering one of the best investment opportunities in the global food economy. We are open for business and we are serious,” he added.
Minister of State for Industry, Senator John Owan Enoh, described the summit as a major milestone in implementing Nigeria’s Industrial Policy. He said the government was determined to move away from exporting raw commodities and instead develop globally competitive value-added products.
“We are not interested in exporting anonymous sacks anymore. We are interested in exporting value. If Nigeria truly wants to build a one-trillion-dollar economy, it cannot continue exporting raw materials while other countries earn the real wealth from processing and branding them,” Enoh said.
The minister also disclosed that the Federal Government was strengthening collaboration with Ghana, Côte d’Ivoire and Cameroon to establish an African cocoa alliance that would account for about 75 per cent of global cocoa production, thereby enhancing the continent’s bargaining power in the international market.
Managing Director and Chief Executive Officer of the Bank of Industry, Dr Olasupo Olusi, said the bank was committed to financing investments across the cocoa value chain. He revealed that the BOI disbursed more than ₦164 billion in 2025 to over 3,500 agro-processing and food businesses and secured a €60 million credit facility from the European Investment Bank to support cocoa-related investments.
“Our goal is to finance everything from nurseries and cooperatives to grinding plants, ingredient factories, packaging lines and chocolate manufacturers,” Olusi said.
In a goodwill message, the Chief Executive of the Ghana Cocoa Board, Ransford Abbey, called for stronger cooperation among Africa’s major cocoa-producing nations. He observed that although Africa produces between 75 and 77 per cent of the world’s cocoa, it earns less than 10 per cent of the value generated by the global chocolate industry.
“We do not need charity. We deserve equity. The time has come for Africa to process its own wealth, protect its farmers and negotiate with one voice in the global cocoa market,” Abbey said.
The summit concluded with the adoption of the Cocoa Value Addition Accord and the proposed Abuja Declaration, both aimed at accelerating domestic cocoa processing, attracting investment, improving farmers’ incomes and strengthening collaboration among Africa’s leading cocoa-producing countries.
The Tinubu administration said the policy of ending dependence on raw cocoa exports forms a key part of its strategy to build a $1 trillion economy, expand non-oil exports, create jobs and increase foreign exchange earnings.