Nigeria’s Vice President, Senator Kashim Shettima, has announced the Federal Government’s plan to reposition the country’s cocoa industry by shifting from raw cocoa production to large-scale processing. The move, he said, is aimed at boosting local value addition, creating jobs, and enhancing export revenues.
Speaking at the State House on Monday while receiving a delegation from the World Cocoa Foundation (WCF) led by its President, Mr. Chris Vincent, Shettima emphasized that the administration of President Bola Tinubu is committed to revitalising the cocoa sector and supporting sustainable farming practices.
“We used to be one of the world’s leading cocoa producers before the advent of oil pushed agriculture to the background,” Shettima said. “We want to be processors of cocoa, not just producers. A tonne of cocoa may earn you $9,000, but if processed, it can generate up to $30,000—or even $50,000 as chocolate bars.”
The Vice President added that the government has approved the establishment of a National Cocoa Management Board (NCMB) to oversee the industry’s transformation and rebuild the cocoa value chain.
Highlighting the demographic advantage of a youthful population, Shettima said Nigeria has the manpower to drive agricultural expansion, adding that he is personally investing in cocoa farming to demonstrate commitment to the initiative.
Earlier, WCF President Chris Vincent expressed readiness to collaborate with Nigeria in meeting the European Union’s sustainability regulations, citing a global cocoa supply shortage and increased demand. “The opportunity is now. We are in a supply deficit, and the next two to three years are crucial,” Vincent noted.
Meanwhile, on the energy front, the Vice President revealed that Nigeria is seeking $25 billion in investment for an ambitious undersea gas pipeline to Europe, as part of broader efforts to position the country as a leading global energy hub.
During a separate meeting with executives of Vitol Group—the world’s largest independent commodity trader—Shettima emphasized the transformative leadership of President Tinubu, citing key economic reforms including fuel subsidy removal and exchange rate unification.
“Our gas sector is a beacon of stability and transparency. We have the eighth-largest gas reserves in the world,” he said, urging Vitol to increase investments in Nigeria’s gas infrastructure and export projects.
Vitol’s CFO, Jeffrey Dellapina, reaffirmed the company’s commitment to Nigeria, noting past collaborations including a $300 million contribution to Project Gazelle, a crude-backed financing deal with NNPC Limited during the COVID-19 pandemic.
Also present at the meeting were Vitol’s Nigeria Country Manager, Thomas de Montulé, and Head of Public Affairs, Murtala Baloni, who highlighted the company’s ongoing partnerships and willingness to deploy more capital in support of Nigeria’s energy ambitions.
