Nigeria's President Tinubu Ends Raw Cocoa Exports, Boosts Local Processing

President Bola Tinubu announced at the Africa Cocoa Summit in Abuja that Nigeria will cease exporting raw cocoa beans and shift to domestic processing and branding. He said the move aims to capture more of the $130‑$165 billion global chocolate market, create jobs and increase foreign‑exchange earnings. Tinubu highlighted a 70,000‑ton cocoa processing facility under construction in Sagamu and noted that national grinding capacity has already exceeded 120,000 tonnes per year.

The Bank of Industry unveiled an €85 million financing programme, partnered with the European Investment Bank, to fund cocoa processing projects and support smallholder cooperatives. Officials also discussed forming a Cocoa Value‑Addition Alliance with Ghana, Côte d’Ivoire and Cameroon, together accounting for about 75 % of world cocoa output. Tinubu quoted, “We will grind 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.” The policy is part of the Renewed Hope Agenda to build a one‑trillion‑dollar economy by 2030.