President Bola Tinubu on Tuesday declared that Nigeria would no longer export raw cocoa beans while importing finished chocolate products, unveiling an ambitious plan to transform the country’s cocoa industry through local processing, industrialisation and value addition.Represented by the Minister of Agriculture and Food Security, Senator Abubakar Kyari, at the Cocoa Value Addition Summit 2026 in Abuja, the President said the era of exporting raw agricultural commodities without capturing their full economic value must end, as Nigeria seeks to create jobs, attract investments and earn more foreign exchange from cocoa.The summit, themed “From Bean to Brand: The Bean in My Hand, The Brand in Our Future,” brought together ministers, governors, development partners, financiers, cocoa-producing countries and investors to launch a new roadmap for Africa’s cocoa industry.Tinubu said although Africa produces about 70 per cent of the world’s cocoa, the continent earns only a tiny fraction of the over $130bn global chocolate industry because most processing, branding and manufacturing take place overseas.He said, “Seven of every ten cocoa pods on this earth ripen under the African sun. They are grown by African hands on African soil with African knowledge passed down through generations, and yet of a global chocolate economy now valued at well over $130bn and by some recent estimates approaching $165bn.“Nigeria will no longer export raw beans while importing finished value. We will ground 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.“And let no one mistake this for rhetoric. The proof is already rising out of the ground. At Sagamu, Nigerian investors are building a 70,000-ton processing facility, the largest this nation has ever seen. Our national grinding capacity has crossed 120,000 tons a year, and it’s growing. The Bank of Industry stands ready as a co-convener of this summit, with capital prepared for deployment into bankable projects.”The President noted that more than 300,000 Nigerian farming families cultivate cocoa across over 1.4 million hectares, making the country one of the world’s leading producers with about six to seven per cent of global output.He added that cocoa generated more than N3tn in export earnings when global prices exceeded $10,000 per tonne, contributing almost a quarter of Nigeria’s non-oil exports, but warned that the country could no longer depend on exporting raw beans.He added, “There has never been a moment when processing of origin made more commercial sense than it does today. Nigeria is not asking for charity. Nigeria is offering the best open position in the global food economy. We are open for business, and we are serious.“Take it to our farmers, the true owners of this crop. I make a promise, and I make it in the name of the Federal Republic of Nigeria. Value addition is not a project to be done around you. It is a covenant to be kept with you. For a century, the reward of this harvest has been far from the hands that raise it.”Driving the government’s industrial agenda, the Minister of State for Industry, Senator John Owan Enoh, said the summit represented a major step in implementing President Tinubu’s Nigerian Industrial Policy, which seeks to increase domestic manufacturing and reduce dependence on raw commodity exports.Enoh said Nigeria’s ambition was no longer to celebrate the volume of cocoa exported but the value created before the commodity leaves the country.“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,” he said.The minister, who recounted his childhood experience growing up on cocoa farms in Cross River State, said the summit was deeply personal because generations of cocoa farmers had laboured for decades without enjoying the true value of their produce.He lamented that although Cross River remains one of Nigeria’s leading cocoa-producing states, it still lacks a major cocoa processing plant decades after commercial cultivation began.Related NewsAdamawa gov unveils ₦2.98bn modern market in YolaNSCDC apprehends two suspects for vandalism in KwaraTinubu promises clean water supply to all FCT area councilsAccording to him, the Federal Government was also pursuing closer collaboration with Ghana, Côte d’Ivoire and Cameroon to establish a broader African cocoa alliance capable of controlling about 75 per cent of global cocoa production, strengthening Africa’s bargaining power in international markets.He added that the proposed Abuja Declaration would move beyond commodity exports by promoting regional processing, traceability, investment and coordinated pricing among the continent’s major cocoa producers.Also speaking, the Managing Director and Chief Executive Officer of the Bank of Industry, Dr Olasupo Olusi, said the financial institution was ready to provide long-term financing to accelerate investments across the cocoa value chain.Olusi said cocoa once financed some of Nigeria’s biggest development projects, including Cocoa House, free education and major public infrastructure in the old Western Region, stressing that the commodity could once again become a catalyst for industrial growth.He disclosed that the Bank of Industry disbursed more than N164bn in 2025 to over 3,500 agro-processing and food businesses, supporting factories, mills, warehouses and cold-chain infrastructure while linking about 48,000 smallholder farmers to industrial value chains.The BOI boss also announced that the bank had secured a €60m credit facility from the European Investment Bank to support the cocoa sector and would establish dedicated financing windows for cocoa processing, ingredient manufacturing, packaging and chocolate production.He said, “We are not approaching cocoa as a lending programme; we are building an industrial ecosystem. Our goal is to finance everything from nurseries and cooperatives to grinding plants, ingredient factories, packaging lines and chocolate manufacturers.”He added that Nigeria currently produces over 300,000 tonnes of cocoa annually but has an effective grinding capacity of only about 50,000 tonnes, leaving significant opportunities for value addition within the country.“In 2025, we disbursed over $164 billion to over 3,500 agro- and food-processing businesses, financing factories, mills, park houses, and coal-chains, and linking nearly 48,000 smallholder farmers into the industrial value chain. And I stand before you convinced that it can raise something even taller yet, an industry worthy of the largest economy on this continent, from bean to brand, from commodity to value,” Olusi said.Delivering a goodwill message, the Chief Executive of the Ghana Cocoa Board, Ransford Abbey, called for stronger regional cooperation among Africa’s leading cocoa-producing nations, arguing that the continent must move beyond exporting raw beans to capturing greater value through domestic processing.He said Africa produces between 75 and 77 per cent of the world’s cocoa but earns less than 10 per cent of the global chocolate industry’s value, describing the situation as a colonial economic structure that must be dismantled.Abbey urged Nigeria and Cameroon to formally join the existing Ghana-Côte d’Ivoire cocoa partnership, saying a four-country alliance would control about 75 per cent of global cocoa output and significantly improve Africa’s negotiating power.“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,” he said.The summit ended with the adoption of the Cocoa Value Addition Accord and the proposed Abuja Declaration, which seek to accelerate domestic cocoa processing, attract new investments, improve farmer incomes and deepen collaboration among Africa’s major cocoa-producing countries.Nigeria was once the world’s second-largest cocoa producer but lost its position following the oil boom, years of policy neglect and limited investment in processing. Today, although the country remains among the world’s top cocoa producers, most of its exports are still shipped abroad as raw beans.The Tinubu administration says reversing that trend through industrialisation and value addition is central to achieving its target of building a $1tn economy while boosting non-oil exports, creating jobs and increasing foreign exchange earnings. Represented by the Minister of Agriculture and Food Security, Senator Abubakar Kyari, at the Cocoa Value Addition Summit 2026 in Abuja, the President said the era of exporting raw agricultural commodities without capturing their full economic value must end, as Nigeria seeks to create jobs, attract investments and earn more foreign exchange from cocoa.The summit, themed “From Bean to Brand: The Bean in My Hand, The Brand in Our Future,” brought together ministers, governors, development partners, financiers, cocoa-producing countries and investors to launch a new roadmap for Africa’s cocoa industry.Tinubu said although Africa produces about 70 per cent of the world’s cocoa, the continent earns only a tiny fraction of the over $130bn global chocolate industry because most processing, branding and manufacturing take place overseas.He said, “Seven of every ten cocoa pods on this earth ripen under the African sun. They are grown by African hands on African soil with African knowledge passed down through generations, and yet of a global chocolate economy now valued at well over $130bn and by some recent estimates approaching $165bn.“Nigeria will no longer export raw beans while importing finished value. We will ground 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.“And let no one mistake this for rhetoric. The proof is already rising out of the ground. At Sagamu, Nigerian investors are building a 70,000-ton processing facility, the largest this nation has ever seen. Our national grinding capacity has crossed 120,000 tons a year, and it’s growing. The Bank of Industry stands ready as a co-convener of this summit, with capital prepared for deployment into bankable projects.”The President noted that more than 300,000 Nigerian farming families cultivate cocoa across over 1.4 million hectares, making the country one of the world’s leading producers with about six to seven per cent of global output.He added that cocoa generated more than N3tn in export earnings when global prices exceeded $10,000 per tonne, contributing almost a quarter of Nigeria’s non-oil exports, but warned that the country could no longer depend on exporting raw beans.He added, “There has never been a moment when processing of origin made more commercial sense than it does today. Nigeria is not asking for charity. Nigeria is offering the best open position in the global food economy. We are open for business, and we are serious.“Take it to our farmers, the true owners of this crop. I make a promise, and I make it in the name of the Federal Republic of Nigeria. Value addition is not a project to be done around you. It is a covenant to be kept with you. For a century, the reward of this harvest has been far from the hands that raise it.”Driving the government’s industrial agenda, the Minister of State for Industry, Senator John Owan Enoh, said the summit represented a major step in implementing President Tinubu’s Nigerian Industrial Policy, which seeks to increase domestic manufacturing and reduce dependence on raw commodity exports.Enoh said Nigeria’s ambition was no longer to celebrate the volume of cocoa exported but the value created before the commodity leaves the country.“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,” he said.The minister, who recounted his childhood experience growing up on cocoa farms in Cross River State, said the summit was deeply personal because generations of cocoa farmers had laboured for decades without enjoying the true value of their produce.He lamented that although Cross River remains one of Nigeria’s leading cocoa-producing states, it still lacks a major cocoa processing plant decades after commercial cultivation began.Related NewsAdamawa gov unveils ₦2.98bn modern market in YolaNSCDC apprehends two suspects for vandalism in KwaraTinubu promises clean water supply to all FCT area councilsAccording to him, the Federal Government was also pursuing closer collaboration with Ghana, Côte d’Ivoire and Cameroon to establish a broader African cocoa alliance capable of controlling about 75 per cent of global cocoa production, strengthening Africa’s bargaining power in international markets.He added that the proposed Abuja Declaration would move beyond commodity exports by promoting regional processing, traceability, investment and coordinated pricing among the continent’s major cocoa producers.Also speaking, the Managing Director and Chief Executive Officer of the Bank of Industry, Dr Olasupo Olusi, said the financial institution was ready to provide long-term financing to accelerate investments across the cocoa value chain.Olusi said cocoa once financed some of Nigeria’s biggest development projects, including Cocoa House, free education and major public infrastructure in the old Western Region, stressing that the commodity could once again become a catalyst for industrial growth.He disclosed that the Bank of Industry disbursed more than N164bn in 2025 to over 3,500 agro-processing and food businesses, supporting factories, mills, warehouses and cold-chain infrastructure while linking about 48,000 smallholder farmers to industrial value chains.The BOI boss also announced that the bank had secured a €60m credit facility from the European Investment Bank to support the cocoa sector and would establish dedicated financing windows for cocoa processing, ingredient manufacturing, packaging and chocolate production.He said, “We are not approaching cocoa as a lending programme; we are building an industrial ecosystem. Our goal is to finance everything from nurseries and cooperatives to grinding plants, ingredient factories, packaging lines and chocolate manufacturers.”He added that Nigeria currently produces over 300,000 tonnes of cocoa annually but has an effective grinding capacity of only about 50,000 tonnes, leaving significant opportunities for value addition within the country.“In 2025, we disbursed over $164 billion to over 3,500 agro- and food-processing businesses, financing factories, mills, park houses, and coal-chains, and linking nearly 48,000 smallholder farmers into the industrial value chain. And I stand before you convinced that it can raise something even taller yet, an industry worthy of the largest economy on this continent, from bean to brand, from commodity to value,” Olusi said.Delivering a goodwill message, the Chief Executive of the Ghana Cocoa Board, Ransford Abbey, called for stronger regional cooperation among Africa’s leading cocoa-producing nations, arguing that the continent must move beyond exporting raw beans to capturing greater value through domestic processing.He said Africa produces between 75 and 77 per cent of the world’s cocoa but earns less than 10 per cent of the global chocolate industry’s value, describing the situation as a colonial economic structure that must be dismantled.Abbey urged Nigeria and Cameroon to formally join the existing Ghana-Côte d’Ivoire cocoa partnership, saying a four-country alliance would control about 75 per cent of global cocoa output and significantly improve Africa’s negotiating power.“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,” he said.The summit ended with the adoption of the Cocoa Value Addition Accord and the proposed Abuja Declaration, which seek to accelerate domestic cocoa processing, attract new investments, improve farmer incomes and deepen collaboration among Africa’s major cocoa-producing countries.Nigeria was once the world’s second-largest cocoa producer but lost its position following the oil boom, years of policy neglect and limited investment in processing. Today, although the country remains among the world’s top cocoa producers, most of its exports are still shipped abroad as raw beans.The Tinubu administration says reversing that trend through industrialisation and value addition is central to achieving its target of building a $1tn economy while boosting non-oil exports, creating jobs and increasing foreign exchange earnings. The summit, themed “From Bean to Brand: The Bean in My Hand, The Brand in Our Future,” brought together ministers, governors, development partners, financiers, cocoa-producing countries and investors to launch a new roadmap for Africa’s cocoa industry.Tinubu said although Africa produces about 70 per cent of the world’s cocoa, the continent earns only a tiny fraction of the over $130bn global chocolate industry because most processing, branding and manufacturing take place overseas.He said, “Seven of every ten cocoa pods on this earth ripen under the African sun. They are grown by African hands on African soil with African knowledge passed down through generations, and yet of a global chocolate economy now valued at well over $130bn and by some recent estimates approaching $165bn.“Nigeria will no longer export raw beans while importing finished value. We will ground 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.“And let no one mistake this for rhetoric. The proof is already rising out of the ground. At Sagamu, Nigerian investors are building a 70,000-ton processing facility, the largest this nation has ever seen. Our national grinding capacity has crossed 120,000 tons a year, and it’s growing. The Bank of Industry stands ready as a co-convener of this summit, with capital prepared for deployment into bankable projects.”The President noted that more than 300,000 Nigerian farming families cultivate cocoa across over 1.4 million hectares, making the country one of the world’s leading producers with about six to seven per cent of global output.He added that cocoa generated more than N3tn in export earnings when global prices exceeded $10,000 per tonne, contributing almost a quarter of Nigeria’s non-oil exports, but warned that the country could no longer depend on exporting raw beans.He added, “There has never been a moment when processing of origin made more commercial sense than it does today. Nigeria is not asking for charity. Nigeria is offering the best open position in the global food economy. We are open for business, and we are serious.“Take it to our farmers, the true owners of this crop. I make a promise, and I make it in the name of the Federal Republic of Nigeria. Value addition is not a project to be done around you. It is a covenant to be kept with you. For a century, the reward of this harvest has been far from the hands that raise it.”Driving the government’s industrial agenda, the Minister of State for Industry, Senator John Owan Enoh, said the summit represented a major step in implementing President Tinubu’s Nigerian Industrial Policy, which seeks to increase domestic manufacturing and reduce dependence on raw commodity exports.Enoh said Nigeria’s ambition was no longer to celebrate the volume of cocoa exported but the value created before the commodity leaves the country.“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,” he said.The minister, who recounted his childhood experience growing up on cocoa farms in Cross River State, said the summit was deeply personal because generations of cocoa farmers had laboured for decades without enjoying the true value of their produce.He lamented that although Cross River remains one of Nigeria’s leading cocoa-producing states, it still lacks a major cocoa processing plant decades after commercial cultivation began.Related NewsAdamawa gov unveils ₦2.98bn modern market in YolaNSCDC apprehends two suspects for vandalism in KwaraTinubu promises clean water supply to all FCT area councilsAccording to him, the Federal Government was also pursuing closer collaboration with Ghana, Côte d’Ivoire and Cameroon to establish a broader African cocoa alliance capable of controlling about 75 per cent of global cocoa production, strengthening Africa’s bargaining power in international markets.He added that the proposed Abuja Declaration would move beyond commodity exports by promoting regional processing, traceability, investment and coordinated pricing among the continent’s major cocoa producers.Also speaking, the Managing Director and Chief Executive Officer of the Bank of Industry, Dr Olasupo Olusi, said the financial institution was ready to provide long-term financing to accelerate investments across the cocoa value chain.Olusi said cocoa once financed some of Nigeria’s biggest development projects, including Cocoa House, free education and major public infrastructure in the old Western Region, stressing that the commodity could once again become a catalyst for industrial growth.He disclosed that the Bank of Industry disbursed more than N164bn in 2025 to over 3,500 agro-processing and food businesses, supporting factories, mills, warehouses and cold-chain infrastructure while linking about 48,000 smallholder farmers to industrial value chains.The BOI boss also announced that the bank had secured a €60m credit facility from the European Investment Bank to support the cocoa sector and would establish dedicated financing windows for cocoa processing, ingredient manufacturing, packaging and chocolate production.He said, “We are not approaching cocoa as a lending programme; we are building an industrial ecosystem. Our goal is to finance everything from nurseries and cooperatives to grinding plants, ingredient factories, packaging lines and chocolate manufacturers.”He added that Nigeria currently produces over 300,000 tonnes of cocoa annually but has an effective grinding capacity of only about 50,000 tonnes, leaving significant opportunities for value addition within the country.“In 2025, we disbursed over $164 billion to over 3,500 agro- and food-processing businesses, financing factories, mills, park houses, and coal-chains, and linking nearly 48,000 smallholder farmers into the industrial value chain. And I stand before you convinced that it can raise something even taller yet, an industry worthy of the largest economy on this continent, from bean to brand, from commodity to value,” Olusi said.Delivering a goodwill message, the Chief Executive of the Ghana Cocoa Board, Ransford Abbey, called for stronger regional cooperation among Africa’s leading cocoa-producing nations, arguing that the continent must move beyond exporting raw beans to capturing greater value through domestic processing.He said Africa produces between 75 and 77 per cent of the world’s cocoa but earns less than 10 per cent of the global chocolate industry’s value, describing the situation as a colonial economic structure that must be dismantled.Abbey urged Nigeria and Cameroon to formally join the existing Ghana-Côte d’Ivoire cocoa partnership, saying a four-country alliance would control about 75 per cent of global cocoa output and significantly improve Africa’s negotiating power.“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,” he said.The summit ended with the adoption of the Cocoa Value Addition Accord and the proposed Abuja Declaration, which seek to accelerate domestic cocoa processing, attract new investments, improve farmer incomes and deepen collaboration among Africa’s major cocoa-producing countries.Nigeria was once the world’s second-largest cocoa producer but lost its position following the oil boom, years of policy neglect and limited investment in processing. Today, although the country remains among the world’s top cocoa producers, most of its exports are still shipped abroad as raw beans.The Tinubu administration says reversing that trend through industrialisation and value addition is central to achieving its target of building a $1tn economy while boosting non-oil exports, creating jobs and increasing foreign exchange earnings. Tinubu said although Africa produces about 70 per cent of the world’s cocoa, the continent earns only a tiny fraction of the over $130bn global chocolate industry because most processing, branding and manufacturing take place overseas.He said, “Seven of every ten cocoa pods on this earth ripen under the African sun. They are grown by African hands on African soil with African knowledge passed down through generations, and yet of a global chocolate economy now valued at well over $130bn and by some recent estimates approaching $165bn.“Nigeria will no longer export raw beans while importing finished value. We will ground 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.“And let no one mistake this for rhetoric. The proof is already rising out of the ground. At Sagamu, Nigerian investors are building a 70,000-ton processing facility, the largest this nation has ever seen. Our national grinding capacity has crossed 120,000 tons a year, and it’s growing. The Bank of Industry stands ready as a co-convener of this summit, with capital prepared for deployment into bankable projects.”The President noted that more than 300,000 Nigerian farming families cultivate cocoa across over 1.4 million hectares, making the country one of the world’s leading producers with about six to seven per cent of global output.He added that cocoa generated more than N3tn in export earnings when global prices exceeded $10,000 per tonne, contributing almost a quarter of Nigeria’s non-oil exports, but warned that the country could no longer depend on exporting raw beans.He added, “There has never been a moment when processing of origin made more commercial sense than it does today. Nigeria is not asking for charity. Nigeria is offering the best open position in the global food economy. We are open for business, and we are serious.“Take it to our farmers, the true owners of this crop. I make a promise, and I make it in the name of the Federal Republic of Nigeria. Value addition is not a project to be done around you. It is a covenant to be kept with you. For a century, the reward of this harvest has been far from the hands that raise it.”Driving the government’s industrial agenda, the Minister of State for Industry, Senator John Owan Enoh, said the summit represented a major step in implementing President Tinubu’s Nigerian Industrial Policy, which seeks to increase domestic manufacturing and reduce dependence on raw commodity exports.Enoh said Nigeria’s ambition was no longer to celebrate the volume of cocoa exported but the value created before the commodity leaves the country.“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,” he said.The minister, who recounted his childhood experience growing up on cocoa farms in Cross River State, said the summit was deeply personal because generations of cocoa farmers had laboured for decades without enjoying the true value of their produce.He lamented that although Cross River remains one of Nigeria’s leading cocoa-producing states, it still lacks a major cocoa processing plant decades after commercial cultivation began.Related NewsAdamawa gov unveils ₦2.98bn modern market in YolaNSCDC apprehends two suspects for vandalism in KwaraTinubu promises clean water supply to all FCT area councilsAccording to him, the Federal Government was also pursuing closer collaboration with Ghana, Côte d’Ivoire and Cameroon to establish a broader African cocoa alliance capable of controlling about 75 per cent of global cocoa production, strengthening Africa’s bargaining power in international markets.He added that the proposed Abuja Declaration would move beyond commodity exports by promoting regional processing, traceability, investment and coordinated pricing among the continent’s major cocoa producers.Also speaking, the Managing Director and Chief Executive Officer of the Bank of Industry, Dr Olasupo Olusi, said the financial institution was ready to provide long-term financing to accelerate investments across the cocoa value chain.Olusi said cocoa once financed some of Nigeria’s biggest development projects, including Cocoa House, free education and major public infrastructure in the old Western Region, stressing that the commodity could once again become a catalyst for industrial growth.He disclosed that the Bank of Industry disbursed more than N164bn in 2025 to over 3,500 agro-processing and food businesses, supporting factories, mills, warehouses and cold-chain infrastructure while linking about 48,000 smallholder farmers to industrial value chains.The BOI boss also announced that the bank had secured a €60m credit facility from the European Investment Bank to support the cocoa sector and would establish dedicated financing windows for cocoa processing, ingredient manufacturing, packaging and chocolate production.He said, “We are not approaching cocoa as a lending programme; we are building an industrial ecosystem. Our goal is to finance everything from nurseries and cooperatives to grinding plants, ingredient factories, packaging lines and chocolate manufacturers.”He added that Nigeria currently produces over 300,000 tonnes of cocoa annually but has an effective grinding capacity of only about 50,000 tonnes, leaving significant opportunities for value addition within the country.“In 2025, we disbursed over $164 billion to over 3,500 agro- and food-processing businesses, financing factories, mills, park houses, and coal-chains, and linking nearly 48,000 smallholder farmers into the industrial value chain. And I stand before you convinced that it can raise something even taller yet, an industry worthy of the largest economy on this continent, from bean to brand, from commodity to value,” Olusi said.Delivering a goodwill message, the Chief Executive of the Ghana Cocoa Board, Ransford Abbey, called for stronger regional cooperation among Africa’s leading cocoa-producing nations, arguing that the continent must move beyond exporting raw beans to capturing greater value through domestic processing.He said Africa produces between 75 and 77 per cent of the world’s cocoa but earns less than 10 per cent of the global chocolate industry’s value, describing the situation as a colonial economic structure that must be dismantled.Abbey urged Nigeria and Cameroon to formally join the existing Ghana-Côte d’Ivoire cocoa partnership, saying a four-country alliance would control about 75 per cent of global cocoa output and significantly improve Africa’s negotiating power.“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,” he said.The summit ended with the adoption of the Cocoa Value Addition Accord and the proposed Abuja Declaration, which seek to accelerate domestic cocoa processing, attract new investments, improve farmer incomes and deepen collaboration among Africa’s major cocoa-producing countries.Nigeria was once the world’s second-largest cocoa producer but lost its position following the oil boom, years of policy neglect and limited investment in processing. Today, although the country remains among the world’s top cocoa producers, most of its exports are still shipped abroad as raw beans.The Tinubu administration says reversing that trend through industrialisation and value addition is central to achieving its target of building a $1tn economy while boosting non-oil exports, creating jobs and increasing foreign exchange earnings. He said, “Seven of every ten cocoa pods on this earth ripen under the African sun. They are grown by African hands on African soil with African knowledge passed down through generations, and yet of a global chocolate economy now valued at well over $130bn and by some recent estimates approaching $165bn.“Nigeria will no longer export raw beans while importing finished value. We will ground 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.“And let no one mistake this for rhetoric. The proof is already rising out of the ground. At Sagamu, Nigerian investors are building a 70,000-ton processing facility, the largest this nation has ever seen. Our national grinding capacity has crossed 120,000 tons a year, and it’s growing. The Bank of Industry stands ready as a co-convener of this summit, with capital prepared for deployment into bankable projects.”The President noted that more than 300,000 Nigerian farming families cultivate cocoa across over 1.4 million hectares, making the country one of the world’s leading producers with about six to seven per cent of global output.He added that cocoa generated more than N3tn in export earnings when global prices exceeded $10,000 per tonne, contributing almost a quarter of Nigeria’s non-oil exports, but warned that the country could no longer depend on exporting raw beans.He added, “There has never been a moment when processing of origin made more commercial sense than it does today. Nigeria is not asking for charity. Nigeria is offering the best open position in the global food economy. We are open for business, and we are serious.“Take it to our farmers, the true owners of this crop. I make a promise, and I make it in the name of the Federal Republic of Nigeria. Value addition is not a project to be done around you. It is a covenant to be kept with you. For a century, the reward of this harvest has been far from the hands that raise it.”Driving the government’s industrial agenda, the Minister of State for Industry, Senator John Owan Enoh, said the summit represented a major step in implementing President Tinubu’s Nigerian Industrial Policy, which seeks to increase domestic manufacturing and reduce dependence on raw commodity exports.Enoh said Nigeria’s ambition was no longer to celebrate the volume of cocoa exported but the value created before the commodity leaves the country.“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,” he said.The minister, who recounted his childhood experience growing up on cocoa farms in Cross River State, said the summit was deeply personal because generations of cocoa farmers had laboured for decades without enjoying the true value of their produce.He lamented that although Cross River remains one of Nigeria’s leading cocoa-producing states, it still lacks a major cocoa processing plant decades after commercial cultivation began.Related NewsAdamawa gov unveils ₦2.98bn modern market in YolaNSCDC apprehends two suspects for vandalism in KwaraTinubu promises clean water supply to all FCT area councilsAccording to him, the Federal Government was also pursuing closer collaboration with Ghana, Côte d’Ivoire and Cameroon to establish a broader African cocoa alliance capable of controlling about 75 per cent of global cocoa production, strengthening Africa’s bargaining power in international markets.He added that the proposed Abuja Declaration would move beyond commodity exports by promoting regional processing, traceability, investment and coordinated pricing among the continent’s major cocoa producers.Also speaking, the Managing Director and Chief Executive Officer of the Bank of Industry, Dr Olasupo Olusi, said the financial institution was ready to provide long-term financing to accelerate investments across the cocoa value chain.Olusi said cocoa once financed some of Nigeria’s biggest development projects, including Cocoa House, free education and major public infrastructure in the old Western Region, stressing that the commodity could once again become a catalyst for industrial growth.He disclosed that the Bank of Industry disbursed more than N164bn in 2025 to over 3,500 agro-processing and food businesses, supporting factories, mills, warehouses and cold-chain infrastructure while linking about 48,000 smallholder farmers to industrial value chains.The BOI boss also announced that the bank had secured a €60m credit facility from the European Investment Bank to support the cocoa sector and would establish dedicated financing windows for cocoa processing, ingredient manufacturing, packaging and chocolate production.He said, “We are not approaching cocoa as a lending programme; we are building an industrial ecosystem. Our goal is to finance everything from nurseries and cooperatives to grinding plants, ingredient factories, packaging lines and chocolate manufacturers.”He added that Nigeria currently produces over 300,000 tonnes of cocoa annually but has an effective grinding capacity of only about 50,000 tonnes, leaving significant opportunities for value addition within the country.“In 2025, we disbursed over $164 billion to over 3,500 agro- and food-processing businesses, financing factories, mills, park houses, and coal-chains, and linking nearly 48,000 smallholder farmers into the industrial value chain. And I stand before you convinced that it can raise something even taller yet, an industry worthy of the largest economy on this continent, from bean to brand, from commodity to value,” Olusi said.Delivering a goodwill message, the Chief Executive of the Ghana Cocoa Board, Ransford Abbey, called for stronger regional cooperation among Africa’s leading cocoa-producing nations, arguing that the continent must move beyond exporting raw beans to capturing greater value through domestic processing.He said Africa produces between 75 and 77 per cent of the world’s cocoa but earns less than 10 per cent of the global chocolate industry’s value, describing the situation as a colonial economic structure that must be dismantled.Abbey urged Nigeria and Cameroon to formally join the existing Ghana-Côte d’Ivoire cocoa partnership, saying a four-country alliance would control about 75 per cent of global cocoa output and significantly improve Africa’s negotiating power.“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,” he said.The summit ended with the adoption of the Cocoa Value Addition Accord and the proposed Abuja Declaration, which seek to accelerate domestic cocoa processing, attract new investments, improve farmer incomes and deepen collaboration among Africa’s major cocoa-producing countries.Nigeria was once the world’s second-largest cocoa producer but lost its position following the oil boom, years of policy neglect and limited investment in processing. Today, although the country remains among the world’s top cocoa producers, most of its exports are still shipped abroad as raw beans.The Tinubu administration says reversing that trend through industrialisation and value addition is central to achieving its target of building a $1tn economy while boosting non-oil exports, creating jobs and increasing foreign exchange earnings. “Nigeria will no longer export raw beans while importing finished value. We will ground 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.“And let no one mistake this for rhetoric. The proof is already rising out of the ground. At Sagamu, Nigerian investors are building a 70,000-ton processing facility, the largest this nation has ever seen. Our national grinding capacity has crossed 120,000 tons a year, and it’s growing. The Bank of Industry stands ready as a co-convener of this summit, with capital prepared for deployment into bankable projects.”The President noted that more than 300,000 Nigerian farming families cultivate cocoa across over 1.4 million hectares, making the country one of the world’s leading producers with about six to seven per cent of global output.He added that cocoa generated more than N3tn in export earnings when global prices exceeded $10,000 per tonne, contributing almost a quarter of Nigeria’s non-oil exports, but warned that the country could no longer depend on exporting raw beans.He added, “There has never been a moment when processing of origin made more commercial sense than it does today. Nigeria is not asking for charity. Nigeria is offering the best open position in the global food economy. We are open for business, and we are serious.“Take it to our farmers, the true owners of this crop. I make a promise, and I make it in the name of the Federal Republic of Nigeria. Value addition is not a project to be done around you. It is a covenant to be kept with you. For a century, the reward of this harvest has been far from the hands that raise it.”Driving the government’s industrial agenda, the Minister of State for Industry, Senator John Owan Enoh, said the summit represented a major step in implementing President Tinubu’s Nigerian Industrial Policy, which seeks to increase domestic manufacturing and reduce dependence on raw commodity exports.Enoh said Nigeria’s ambition was no longer to celebrate the volume of cocoa exported but the value created before the commodity leaves the country.“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,” he said.The minister, who recounted his childhood experience growing up on cocoa farms in Cross River State, said the summit was deeply personal because generations of cocoa farmers had laboured for decades without enjoying the true value of their produce.He lamented that although Cross River remains one of Nigeria’s leading cocoa-producing states, it still lacks a major cocoa processing plant decades after commercial cultivation began.Related NewsAdamawa gov unveils ₦2.98bn modern market in YolaNSCDC apprehends two suspects for vandalism in KwaraTinubu promises clean water supply to all FCT area councilsAccording to him, the Federal Government was also pursuing closer collaboration with Ghana, Côte d’Ivoire and Cameroon to establish a broader African cocoa alliance capable of controlling about 75 per cent of global cocoa production, strengthening Africa’s bargaining power in international markets.He added that the proposed Abuja Declaration would move beyond commodity exports by promoting regional processing, traceability, investment and coordinated pricing among the continent’s major cocoa producers.Also speaking, the Managing Director and Chief Executive Officer of the Bank of Industry, Dr Olasupo Olusi, said the financial institution was ready to provide long-term financing to accelerate investments across the cocoa value chain.Olusi said cocoa once financed some of Nigeria’s biggest development projects, including Cocoa House, free education and major public infrastructure in the old Western Region, stressing that the commodity could once again become a catalyst for industrial growth.He disclosed that the Bank of Industry disbursed more than N164bn in 2025 to over 3,500 agro-processing and food businesses, supporting factories, mills, warehouses and cold-chain infrastructure while linking about 48,000 smallholder farmers to industrial value chains.The BOI boss also announced that the bank had secured a €60m credit facility from the European Investment Bank to support the cocoa sector and would establish dedicated financing windows for cocoa processing, ingredient manufacturing, packaging and chocolate production.He said, “We are not approaching cocoa as a lending programme; we are building an industrial ecosystem. Our goal is to finance everything from nurseries and cooperatives to grinding plants, ingredient factories, packaging lines and chocolate manufacturers.”He added that Nigeria currently produces over 300,000 tonnes of cocoa annually but has an effective grinding capacity of only about 50,000 tonnes, leaving significant opportunities for value addition within the country.“In 2025, we disbursed over $164 billion to over 3,500 agro- and food-processing businesses, financing factories, mills, park houses, and coal-chains, and linking nearly 48,000 smallholder farmers into the industrial value chain. And I stand before you convinced that it can raise something even taller yet, an industry worthy of the largest economy on this continent, from bean to brand, from commodity to value,” Olusi said.Delivering a goodwill message, the Chief Executive of the Ghana Cocoa Board, Ransford Abbey, called for stronger regional cooperation among Africa’s leading cocoa-producing nations, arguing that the continent must move beyond exporting raw beans to capturing greater value through domestic processing.He said Africa produces between 75 and 77 per cent of the world’s cocoa but earns less than 10 per cent of the global chocolate industry’s value, describing the situation as a colonial economic structure that must be dismantled.Abbey urged Nigeria and Cameroon to formally join the existing Ghana-Côte d’Ivoire cocoa partnership, saying a four-country alliance would control about 75 per cent of global cocoa output and significantly improve Africa’s negotiating power.“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,” he said.The summit ended with the adoption of the Cocoa Value Addition Accord and the proposed Abuja Declaration, which seek to accelerate domestic cocoa processing, attract new investments, improve farmer incomes and deepen collaboration among Africa’s major cocoa-producing countries.Nigeria was once the world’s second-largest cocoa producer but lost its position following the oil boom, years of policy neglect and limited investment in processing. Today, although the country remains among the world’s top cocoa producers, most of its exports are still shipped abroad as raw beans.The Tinubu administration says reversing that trend through industrialisation and value addition is central to achieving its target of building a $1tn economy while boosting non-oil exports, creating jobs and increasing foreign exchange earnings. “And let no one mistake this for rhetoric. The proof is already rising out of the ground. At Sagamu, Nigerian investors are building a 70,000-ton processing facility, the largest this nation has ever seen. Our national grinding capacity has crossed 120,000 tons a year, and it’s growing. The Bank of Industry stands ready as a co-convener of this summit, with capital prepared for deployment into bankable projects.”The President noted that more than 300,000 Nigerian farming families cultivate cocoa across over 1.4 million hectares, making the country one of the world’s leading producers with about six to seven per cent of global output.He added that cocoa generated more than N3tn in export earnings when global prices exceeded $10,000 per tonne, contributing almost a quarter of Nigeria’s non-oil exports, but warned that the country could no longer depend on exporting raw beans.He added, “There has never been a moment when processing of origin made more commercial sense than it does today. Nigeria is not asking for charity. Nigeria is offering the best open position in the global food economy. We are open for business, and we are serious.“Take it to our farmers, the true owners of this crop. I make a promise, and I make it in the name of the Federal Republic of Nigeria. Value addition is not a project to be done around you. It is a covenant to be kept with you. For a century, the reward of this harvest has been far from the hands that raise it.”Driving the government’s industrial agenda, the Minister of State for Industry, Senator John Owan Enoh, said the summit represented a major step in implementing President Tinubu’s Nigerian Industrial Policy, which seeks to increase domestic manufacturing and reduce dependence on raw commodity exports.Enoh said Nigeria’s ambition was no longer to celebrate the volume of cocoa exported but the value created before the commodity leaves the country.“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,” he said.The minister, who recounted his childhood experience growing up on cocoa farms in Cross River State, said the summit was deeply personal because generations of cocoa farmers had laboured for decades without enjoying the true value of their produce.He lamented that although Cross River remains one of Nigeria’s leading cocoa-producing states, it still lacks a major cocoa processing plant decades after commercial cultivation began.Related NewsAdamawa gov unveils ₦2.98bn modern market in YolaNSCDC apprehends two suspects for vandalism in KwaraTinubu promises clean water supply to all FCT area councilsAccording to him, the Federal Government was also pursuing closer collaboration with Ghana, Côte d’Ivoire and Cameroon to establish a broader African cocoa alliance capable of controlling about 75 per cent of global cocoa production, strengthening Africa’s bargaining power in international markets.He added that the proposed Abuja Declaration would move beyond commodity exports by promoting regional processing, traceability, investment and coordinated pricing among the continent’s major cocoa producers.Also speaking, the Managing Director and Chief Executive Officer of the Bank of Industry, Dr Olasupo Olusi, said the financial institution was ready to provide long-term financing to accelerate investments across the cocoa value chain.Olusi said cocoa once financed some of Nigeria’s biggest development projects, including Cocoa House, free education and major public infrastructure in the old Western Region, stressing that the commodity could once again become a catalyst for industrial growth.He disclosed that the Bank of Industry disbursed more than N164bn in 2025 to over 3,500 agro-processing and food businesses, supporting factories, mills, warehouses and cold-chain infrastructure while linking about 48,000 smallholder farmers to industrial value chains.The BOI boss also announced that the bank had secured a €60m credit facility from the European Investment Bank to support the cocoa sector and would establish dedicated financing windows for cocoa processing, ingredient manufacturing, packaging and chocolate production.He said, “We are not approaching cocoa as a lending programme; we are building an industrial ecosystem. Our goal is to finance everything from nurseries and cooperatives to grinding plants, ingredient factories, packaging lines and chocolate manufacturers.”He added that Nigeria currently produces over 300,000 tonnes of cocoa annually but has an effective grinding capacity of only about 50,000 tonnes, leaving significant opportunities for value addition within the country.“In 2025, we disbursed over $164 billion to over 3,500 agro- and food-processing businesses, financing factories, mills, park houses, and coal-chains, and linking nearly 48,000 smallholder farmers into the industrial value chain. And I stand before you convinced that it can raise something even taller yet, an industry worthy of the largest economy on this continent, from bean to brand, from commodity to value,” Olusi said.Delivering a goodwill message, the Chief Executive of the Ghana Cocoa Board, Ransford Abbey, called for stronger regional cooperation among Africa’s leading cocoa-producing nations, arguing that the continent must move beyond exporting raw beans to capturing greater value through domestic processing.He said Africa produces between 75 and 77 per cent of the world’s cocoa but earns less than 10 per cent of the global chocolate industry’s value, describing the situation as a colonial economic structure that must be dismantled.Abbey urged Nigeria and Cameroon to formally join the existing Ghana-Côte d’Ivoire cocoa partnership, saying a four-country alliance would control about 75 per cent of global cocoa output and significantly improve Africa’s negotiating power.“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,” he said.The summit ended with the adoption of the Cocoa Value Addition Accord and the proposed Abuja Declaration, which seek to accelerate domestic cocoa processing, attract new investments, improve farmer incomes and deepen collaboration among Africa’s major cocoa-producing countries.Nigeria was once the world’s second-largest cocoa producer but lost its position following the oil boom, years of policy neglect and limited investment in processing. Today, although the country remains among the world’s top cocoa producers, most of its exports are still shipped abroad as raw beans.The Tinubu administration says reversing that trend through industrialisation and value addition is central to achieving its target of building a $1tn economy while boosting non-oil exports, creating jobs and increasing foreign exchange earnings. The President noted that more than 300,000 Nigerian farming families cultivate cocoa across over 1.4 million hectares, making the country one of the world’s leading producers with about six to seven per cent of global output.He added that cocoa generated more than N3tn in export earnings when global prices exceeded $10,000 per tonne, contributing almost a quarter of Nigeria’s non-oil exports, but warned that the country could no longer depend on exporting raw beans.He added, “There has never been a moment when processing of origin made more commercial sense than it does today. Nigeria is not asking for charity. Nigeria is offering the best open position in the global food economy. We are open for business, and we are serious.“Take it to our farmers, the true owners of this crop. I make a promise, and I make it in the name of the Federal Republic of Nigeria. Value addition is not a project to be done around you. It is a covenant to be kept with you. For a century, the reward of this harvest has been far from the hands that raise it.”Driving the government’s industrial agenda, the Minister of State for Industry, Senator John Owan Enoh, said the summit represented a major step in implementing President Tinubu’s Nigerian Industrial Policy, which seeks to increase domestic manufacturing and reduce dependence on raw commodity exports.Enoh said Nigeria’s ambition was no longer to celebrate the volume of cocoa exported but the value created before the commodity leaves the country.“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,” he said.The minister, who recounted his childhood experience growing up on cocoa farms in Cross River State, said the summit was deeply personal because generations of cocoa farmers had laboured for decades without enjoying the true value of their produce.He lamented that although Cross River remains one of Nigeria’s leading cocoa-producing states, it still lacks a major cocoa processing plant decades after commercial cultivation began.Related NewsAdamawa gov unveils ₦2.98bn modern market in YolaNSCDC apprehends two suspects for vandalism in KwaraTinubu promises clean water supply to all FCT area councilsAccording to him, the Federal Government was also pursuing closer collaboration with Ghana, Côte d’Ivoire and Cameroon to establish a broader African cocoa alliance capable of controlling about 75 per cent of global cocoa production, strengthening Africa’s bargaining power in international markets.He added that the proposed Abuja Declaration would move beyond commodity exports by promoting regional processing, traceability, investment and coordinated pricing among the continent’s major cocoa producers.Also speaking, the Managing Director and Chief Executive Officer of the Bank of Industry, Dr Olasupo Olusi, said the financial institution was ready to provide long-term financing to accelerate investments across the cocoa value chain.Olusi said cocoa once financed some of Nigeria’s biggest development projects, including Cocoa House, free education and major public infrastructure in the old Western Region, stressing that the commodity could once again become a catalyst for industrial growth.He disclosed that the Bank of Industry disbursed more than N164bn in 2025 to over 3,500 agro-processing and food businesses, supporting factories, mills, warehouses and cold-chain infrastructure while linking about 48,000 smallholder farmers to industrial value chains.The BOI boss also announced that the bank had secured a €60m credit facility from the European Investment Bank to support the cocoa sector and would establish dedicated financing windows for cocoa processing, ingredient manufacturing, packaging and chocolate production.He said, “We are not approaching cocoa as a lending programme; we are building an industrial ecosystem. Our goal is to finance everything from nurseries and cooperatives to grinding plants, ingredient factories, packaging lines and chocolate manufacturers.”He added that Nigeria currently produces over 300,000 tonnes of cocoa annually but has an effective grinding capacity of only about 50,000 tonnes, leaving significant opportunities for value addition within the country.“In 2025, we disbursed over $164 billion to over 3,500 agro- and food-processing businesses, financing factories, mills, park houses, and coal-chains, and linking nearly 48,000 smallholder farmers into the industrial value chain. And I stand before you convinced that it can raise something even taller yet, an industry worthy of the largest economy on this continent, from bean to brand, from commodity to value,” Olusi said.Delivering a goodwill message, the Chief Executive of the Ghana Cocoa Board, Ransford Abbey, called for stronger regional cooperation among Africa’s leading cocoa-producing nations, arguing that the continent must move beyond exporting raw beans to capturing greater value through domestic processing.He said Africa produces between 75 and 77 per cent of the world’s cocoa but earns less than 10 per cent of the global chocolate industry’s value, describing the situation as a colonial economic structure that must be dismantled.Abbey urged Nigeria and Cameroon to formally join the existing Ghana-Côte d’Ivoire cocoa partnership, saying a four-country alliance would control about 75 per cent of global cocoa output and significantly improve Africa’s negotiating power.“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,” he said.The summit ended with the adoption of the Cocoa Value Addition Accord and the proposed Abuja Declaration, which seek to accelerate domestic cocoa processing, attract new investments, improve farmer incomes and deepen collaboration among Africa’s major cocoa-producing countries.Nigeria was once the world’s second-largest cocoa producer but lost its position following the oil boom, years of policy neglect and limited investment in processing. Today, although the country remains among the world’s top cocoa producers, most of its exports are still shipped abroad as raw beans.The Tinubu administration says reversing that trend through industrialisation and value addition is central to achieving its target of building a $1tn economy while boosting non-oil exports, creating jobs and increasing foreign exchange earnings. He added that cocoa generated more than N3tn in export earnings when global prices exceeded $10,000 per tonne, contributing almost a quarter of Nigeria’s non-oil exports, but warned that the country could no longer depend on exporting raw beans.He added, “There has never been a moment when processing of origin made more commercial sense than it does today. Nigeria is not asking for charity. Nigeria is offering the best open position in the global food economy. We are open for business, and we are serious.“Take it to our farmers, the true owners of this crop. I make a promise, and I make it in the name of the Federal Republic of Nigeria. Value addition is not a project to be done around you. It is a covenant to be kept with you. For a century, the reward of this harvest has been far from the hands that raise it.”Driving the government’s industrial agenda, the Minister of State for Industry, Senator John Owan Enoh, said the summit represented a major step in implementing President Tinubu’s Nigerian Industrial Policy, which seeks to increase domestic manufacturing and reduce dependence on raw commodity exports.Enoh said Nigeria’s ambition was no longer to celebrate the volume of cocoa exported but the value created before the commodity leaves the country.“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,” he said.The minister, who recounted his childhood experience growing up on cocoa farms in Cross River State, said the summit was deeply personal because generations of cocoa farmers had laboured for decades without enjoying the true value of their produce.He lamented that although Cross River remains one of Nigeria’s leading cocoa-producing states, it still lacks a major cocoa processing plant decades after commercial cultivation began.Related NewsAdamawa gov unveils ₦2.98bn modern market in YolaNSCDC apprehends two suspects for vandalism in KwaraTinubu promises clean water supply to all FCT area councilsAccording to him, the Federal Government was also pursuing closer collaboration with Ghana, Côte d’Ivoire and Cameroon to establish a broader African cocoa alliance capable of controlling about 75 per cent of global cocoa production, strengthening Africa’s bargaining power in international markets.He added that the proposed Abuja Declaration would move beyond commodity exports by promoting regional processing, traceability, investment and coordinated pricing among the continent’s major cocoa producers.Also speaking, the Managing Director and Chief Executive Officer of the Bank of Industry, Dr Olasupo Olusi, said the financial institution was ready to provide long-term financing to accelerate investments across the cocoa value chain.Olusi said cocoa once financed some of Nigeria’s biggest development projects, including Cocoa House, free education and major public infrastructure in the old Western Region, stressing that the commodity could once again become a catalyst for industrial growth.He disclosed that the Bank of Industry disbursed more than N164bn in 2025 to over 3,500 agro-processing and food businesses, supporting factories, mills, warehouses and cold-chain infrastructure while linking about 48,000 smallholder farmers to industrial value chains.The BOI boss also announced that the bank had secured a €60m credit facility from the European Investment Bank to support the cocoa sector and would establish dedicated financing windows for cocoa processing, ingredient manufacturing, packaging and chocolate production.He said, “We are not approaching cocoa as a lending programme; we are building an industrial ecosystem. Our goal is to finance everything from nurseries and cooperatives to grinding plants, ingredient factories, packaging lines and chocolate manufacturers.”He added that Nigeria currently produces over 300,000 tonnes of cocoa annually but has an effective grinding capacity of only about 50,000 tonnes, leaving significant opportunities for value addition within the country.“In 2025, we disbursed over $164 billion to over 3,500 agro- and food-processing businesses, financing factories, mills, park houses, and coal-chains, and linking nearly 48,000 smallholder farmers into the industrial value chain. And I stand before you convinced that it can raise something even taller yet, an industry worthy of the largest economy on this continent, from bean to brand, from commodity to value,” Olusi said.Delivering a goodwill message, the Chief Executive of the Ghana Cocoa Board, Ransford Abbey, called for stronger regional cooperation among Africa’s leading cocoa-producing nations, arguing that the continent must move beyond exporting raw beans to capturing greater value through domestic processing.He said Africa produces between 75 and 77 per cent of the world’s cocoa but earns less than 10 per cent of the global chocolate industry’s value, describing the situation as a colonial economic structure that must be dismantled.Abbey urged Nigeria and Cameroon to formally join the existing Ghana-Côte d’Ivoire cocoa partnership, saying a four-country alliance would control about 75 per cent of global cocoa output and significantly improve Africa’s negotiating power.“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,” he said.The summit ended with the adoption of the Cocoa Value Addition Accord and the proposed Abuja Declaration, which seek to accelerate domestic cocoa processing, attract new investments, improve farmer incomes and deepen collaboration among Africa’s major cocoa-producing countries.Nigeria was once the world’s second-largest cocoa producer but lost its position following the oil boom, years of policy neglect and limited investment in processing. Today, although the country remains among the world’s top cocoa producers, most of its exports are still shipped abroad as raw beans.The Tinubu administration says reversing that trend through industrialisation and value addition is central to achieving its target of building a $1tn economy while boosting non-oil exports, creating jobs and increasing foreign exchange earnings. He added, “There has never been a moment when processing of origin made more commercial sense than it does today. Nigeria is not asking for charity. Nigeria is offering the best open position in the global food economy. We are open for business, and we are serious.“Take it to our farmers, the true owners of this crop. I make a promise, and I make it in the name of the Federal Republic of Nigeria. Value addition is not a project to be done around you. It is a covenant to be kept with you. For a century, the reward of this harvest has been far from the hands that raise it.”Driving the government’s industrial agenda, the Minister of State for Industry, Senator John Owan Enoh, said the summit represented a major step in implementing President Tinubu’s Nigerian Industrial Policy, which seeks to increase domestic manufacturing and reduce dependence on raw commodity exports.Enoh said Nigeria’s ambition was no longer to celebrate the volume of cocoa exported but the value created before the commodity leaves the country.“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,” he said.The minister, who recounted his childhood experience growing up on cocoa farms in Cross River State, said the summit was deeply personal because generations of cocoa farmers had laboured for decades without enjoying the true value of their produce.He lamented that although Cross River remains one of Nigeria’s leading cocoa-producing states, it still lacks a major cocoa processing plant decades after commercial cultivation began.Related NewsAdamawa gov unveils ₦2.98bn modern market in YolaNSCDC apprehends two suspects for vandalism in KwaraTinubu promises clean water supply to all FCT area councilsAccording to him, the Federal Government was also pursuing closer collaboration with Ghana, Côte d’Ivoire and Cameroon to establish a broader African cocoa alliance capable of controlling about 75 per cent of global cocoa production, strengthening Africa’s bargaining power in international markets.He added that the proposed Abuja Declaration would move beyond commodity exports by promoting regional processing, traceability, investment and coordinated pricing among the continent’s major cocoa producers.Also speaking, the Managing Director and Chief Executive Officer of the Bank of Industry, Dr Olasupo Olusi, said the financial institution was ready to provide long-term financing to accelerate investments across the cocoa value chain.Olusi said cocoa once financed some of Nigeria’s biggest development projects, including Cocoa House, free education and major public infrastructure in the old Western Region, stressing that the commodity could once again become a catalyst for industrial growth.He disclosed that the Bank of Industry disbursed more than N164bn in 2025 to over 3,500 agro-processing and food businesses, supporting factories, mills, warehouses and cold-chain infrastructure while linking about 48,000 smallholder farmers to industrial value chains.The BOI boss also announced that the bank had secured a €60m credit facility from the European Investment Bank to support the cocoa sector and would establish dedicated financing windows for cocoa processing, ingredient manufacturing, packaging and chocolate production.He said, “We are not approaching cocoa as a lending programme; we are building an industrial ecosystem. Our goal is to finance everything from nurseries and cooperatives to grinding plants, ingredient factories, packaging lines and chocolate manufacturers.”He added that Nigeria currently produces over 300,000 tonnes of cocoa annually but has an effective grinding capacity of only about 50,000 tonnes, leaving significant opportunities for value addition within the country.“In 2025, we disbursed over $164 billion to over 3,500 agro- and food-processing businesses, financing factories, mills, park houses, and coal-chains, and linking nearly 48,000 smallholder farmers into the industrial value chain. And I stand before you convinced that it can raise something even taller yet, an industry worthy of the largest economy on this continent, from bean to brand, from commodity to value,” Olusi said.Delivering a goodwill message, the Chief Executive of the Ghana Cocoa Board, Ransford Abbey, called for stronger regional cooperation among Africa’s leading cocoa-producing nations, arguing that the continent must move beyond exporting raw beans to capturing greater value through domestic processing.He said Africa produces between 75 and 77 per cent of the world’s cocoa but earns less than 10 per cent of the global chocolate industry’s value, describing the situation as a colonial economic structure that must be dismantled.Abbey urged Nigeria and Cameroon to formally join the existing Ghana-Côte d’Ivoire cocoa partnership, saying a four-country alliance would control about 75 per cent of global cocoa output and significantly improve Africa’s negotiating power.“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,” he said.The summit ended with the adoption of the Cocoa Value Addition Accord and the proposed Abuja Declaration, which seek to accelerate domestic cocoa processing, attract new investments, improve farmer incomes and deepen collaboration among Africa’s major cocoa-producing countries.Nigeria was once the world’s second-largest cocoa producer but lost its position following the oil boom, years of policy neglect and limited investment in processing. Today, although the country remains among the world’s top cocoa producers, most of its exports are still shipped abroad as raw beans.The Tinubu administration says reversing that trend through industrialisation and value addition is central to achieving its target of building a $1tn economy while boosting non-oil exports, creating jobs and increasing foreign exchange earnings. “Take it to our farmers, the true owners of this crop. I make a promise, and I make it in the name of the Federal Republic of Nigeria. Value addition is not a project to be done around you. It is a covenant to be kept with you. For a century, the reward of this harvest has been far from the hands that raise it.”Driving the government’s industrial agenda, the Minister of State for Industry, Senator John Owan Enoh, said the summit represented a major step in implementing President Tinubu’s Nigerian Industrial Policy, which seeks to increase domestic manufacturing and reduce dependence on raw commodity exports.Enoh said Nigeria’s ambition was no longer to celebrate the volume of cocoa exported but the value created before the commodity leaves the country.“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,” he said.The minister, who recounted his childhood experience growing up on cocoa farms in Cross River State, said the summit was deeply personal because generations of cocoa farmers had laboured for decades without enjoying the true value of their produce.He lamented that although Cross River remains one of Nigeria’s leading cocoa-producing states, it still lacks a major cocoa processing plant decades after commercial cultivation began.Related NewsAdamawa gov unveils ₦2.98bn modern market in YolaNSCDC apprehends two suspects for vandalism in KwaraTinubu promises clean water supply to all FCT area councilsAccording to him, the Federal Government was also pursuing closer collaboration with Ghana, Côte d’Ivoire and Cameroon to establish a broader African cocoa alliance capable of controlling about 75 per cent of global cocoa production, strengthening Africa’s bargaining power in international markets.He added that the proposed Abuja Declaration would move beyond commodity exports by promoting regional processing, traceability, investment and coordinated pricing among the continent’s major cocoa producers.Also speaking, the Managing Director and Chief Executive Officer of the Bank of Industry, Dr Olasupo Olusi, said the financial institution was ready to provide long-term financing to accelerate investments across the cocoa value chain.Olusi said cocoa once financed some of Nigeria’s biggest development projects, including Cocoa House, free education and major public infrastructure in the old Western Region, stressing that the commodity could once again become a catalyst for industrial growth.He disclosed that the Bank of Industry disbursed more than N164bn in 2025 to over 3,500 agro-processing and food businesses, supporting factories, mills, warehouses and cold-chain infrastructure while linking about 48,000 smallholder farmers to industrial value chains.The BOI boss also announced that the bank had secured a €60m credit facility from the European Investment Bank to support the cocoa sector and would establish dedicated financing windows for cocoa processing, ingredient manufacturing, packaging and chocolate production.He said, “We are not approaching cocoa as a lending programme; we are building an industrial ecosystem. Our goal is to finance everything from nurseries and cooperatives to grinding plants, ingredient factories, packaging lines and chocolate manufacturers.”He added that Nigeria currently produces over 300,000 tonnes of cocoa annually but has an effective grinding capacity of only about 50,000 tonnes, leaving significant opportunities for value addition within the country.“In 2025, we disbursed over $164 billion to over 3,500 agro- and food-processing businesses, financing factories, mills, park houses, and coal-chains, and linking nearly 48,000 smallholder farmers into the industrial value chain. And I stand before you convinced that it can raise something even taller yet, an industry worthy of the largest economy on this continent, from bean to brand, from commodity to value,” Olusi said.Delivering a goodwill message, the Chief Executive of the Ghana Cocoa Board, Ransford Abbey, called for stronger regional cooperation among Africa’s leading cocoa-producing nations, arguing that the continent must move beyond exporting raw beans to capturing greater value through domestic processing.He said Africa produces between 75 and 77 per cent of the world’s cocoa but earns less than 10 per cent of the global chocolate industry’s value, describing the situation as a colonial economic structure that must be dismantled.Abbey urged Nigeria and Cameroon to formally join the existing Ghana-Côte d’Ivoire cocoa partnership, saying a four-country alliance would control about 75 per cent of global cocoa output and significantly improve Africa’s negotiating power.“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,” he said.The summit ended with the adoption of the Cocoa Value Addition Accord and the proposed Abuja Declaration, which seek to accelerate domestic cocoa processing, attract new investments, improve farmer incomes and deepen collaboration among Africa’s major cocoa-producing countries.Nigeria was once the world’s second-largest cocoa producer but lost its position following the oil boom, years of policy neglect and limited investment in processing. Today, although the country remains among the world’s top cocoa producers, most of its exports are still shipped abroad as raw beans.The Tinubu administration says reversing that trend through industrialisation and value addition is central to achieving its target of building a $1tn economy while boosting non-oil exports, creating jobs and increasing foreign exchange earnings. Driving the government’s industrial agenda, the Minister of State for Industry, Senator John Owan Enoh, said the summit represented a major step in implementing President Tinubu’s Nigerian Industrial Policy, which seeks to increase domestic manufacturing and reduce dependence on raw commodity exports.Enoh said Nigeria’s ambition was no longer to celebrate the volume of cocoa exported but the value created before the commodity leaves the country.“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,” he said.The minister, who recounted his childhood experience growing up on cocoa farms in Cross River State, said the summit was deeply personal because generations of cocoa farmers had laboured for decades without enjoying the true value of their produce.He lamented that although Cross River remains one of Nigeria’s leading cocoa-producing states, it still lacks a major cocoa processing plant decades after commercial cultivation began.Related NewsAdamawa gov unveils ₦2.98bn modern market in YolaNSCDC apprehends two suspects for vandalism in KwaraTinubu promises clean water supply to all FCT area councilsAccording to him, the Federal Government was also pursuing closer collaboration with Ghana, Côte d’Ivoire and Cameroon to establish a broader African cocoa alliance capable of controlling about 75 per cent of global cocoa production, strengthening Africa’s bargaining power in international markets.He added that the proposed Abuja Declaration would move beyond commodity exports by promoting regional processing, traceability, investment and coordinated pricing among the continent’s major cocoa producers.Also speaking, the Managing Director and Chief Executive Officer of the Bank of Industry, Dr Olasupo Olusi, said the financial institution was ready to provide long-term financing to accelerate investments across the cocoa value chain.Olusi said cocoa once financed some of Nigeria’s biggest development projects, including Cocoa House, free education and major public infrastructure in the old Western Region, stressing that the commodity could once again become a catalyst for industrial growth.He disclosed that the Bank of Industry disbursed more than N164bn in 2025 to over 3,500 agro-processing and food businesses, supporting factories, mills, warehouses and cold-chain infrastructure while linking about 48,000 smallholder farmers to industrial value chains.The BOI boss also announced that the bank had secured a €60m credit facility from the European Investment Bank to support the cocoa sector and would establish dedicated financing windows for cocoa processing, ingredient manufacturing, packaging and chocolate production.He said, “We are not approaching cocoa as a lending programme; we are building an industrial ecosystem. Our goal is to finance everything from nurseries and cooperatives to grinding plants, ingredient factories, packaging lines and chocolate manufacturers.”He added that Nigeria currently produces over 300,000 tonnes of cocoa annually but has an effective grinding capacity of only about 50,000 tonnes, leaving significant opportunities for value addition within the country.“In 2025, we disbursed over $164 billion to over 3,500 agro- and food-processing businesses, financing factories, mills, park houses, and coal-chains, and linking nearly 48,000 smallholder farmers into the industrial value chain. And I stand before you convinced that it can raise something even taller yet, an industry worthy of the largest economy on this continent, from bean to brand, from commodity to value,” Olusi said.Delivering a goodwill message, the Chief Executive of the Ghana Cocoa Board, Ransford Abbey, called for stronger regional cooperation among Africa’s leading cocoa-producing nations, arguing that the continent must move beyond exporting raw beans to capturing greater value through domestic processing.He said Africa produces between 75 and 77 per cent of the world’s cocoa but earns less than 10 per cent of the global chocolate industry’s value, describing the situation as a colonial economic structure that must be dismantled.Abbey urged Nigeria and Cameroon to formally join the existing Ghana-Côte d’Ivoire cocoa partnership, saying a four-country alliance would control about 75 per cent of global cocoa output and significantly improve Africa’s negotiating power.“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,” he said.The summit ended with the adoption of the Cocoa Value Addition Accord and the proposed Abuja Declaration, which seek to accelerate domestic cocoa processing, attract new investments, improve farmer incomes and deepen collaboration among Africa’s major cocoa-producing countries.Nigeria was once the world’s second-largest cocoa producer but lost its position following the oil boom, years of policy neglect and limited investment in processing. Today, although the country remains among the world’s top cocoa producers, most of its exports are still shipped abroad as raw beans.The Tinubu administration says reversing that trend through industrialisation and value addition is central to achieving its target of building a $1tn economy while boosting non-oil exports, creating jobs and increasing foreign exchange earnings. Enoh said Nigeria’s ambition was no longer to celebrate the volume of cocoa exported but the value created before the commodity leaves the country.“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,” he said.The minister, who recounted his childhood experience growing up on cocoa farms in Cross River State, said the summit was deeply personal because generations of cocoa farmers had laboured for decades without enjoying the true value of their produce.He lamented that although Cross River remains one of Nigeria’s leading cocoa-producing states, it still lacks a major cocoa processing plant decades after commercial cultivation began.Related NewsAdamawa gov unveils ₦2.98bn modern market in YolaNSCDC apprehends two suspects for vandalism in KwaraTinubu promises clean water supply to all FCT area councilsAccording to him, the Federal Government was also pursuing closer collaboration with Ghana, Côte d’Ivoire and Cameroon to establish a broader African cocoa alliance capable of controlling about 75 per cent of global cocoa production, strengthening Africa’s bargaining power in international markets.He added that the proposed Abuja Declaration would move beyond commodity exports by promoting regional processing, traceability, investment and coordinated pricing among the continent’s major cocoa producers.Also speaking, the Managing Director and Chief Executive Officer of the Bank of Industry, Dr Olasupo Olusi, said the financial institution was ready to provide long-term financing to accelerate investments across the cocoa value chain.Olusi said cocoa once financed some of Nigeria’s biggest development projects, including Cocoa House, free education and major public infrastructure in the old Western Region, stressing that the commodity could once again become a catalyst for industrial growth.He disclosed that the Bank of Industry disbursed more than N164bn in 2025 to over 3,500 agro-processing and food businesses, supporting factories, mills, warehouses and cold-chain infrastructure while linking about 48,000 smallholder farmers to industrial value chains.The BOI boss also announced that the bank had secured a €60m credit facility from the European Investment Bank to support the cocoa sector and would establish dedicated financing windows for cocoa processing, ingredient manufacturing, packaging and chocolate production.He said, “We are not approaching cocoa as a lending programme; we are building an industrial ecosystem. Our goal is to finance everything from nurseries and cooperatives to grinding plants, ingredient factories, packaging lines and chocolate manufacturers.”He added that Nigeria currently produces over 300,000 tonnes of cocoa annually but has an effective grinding capacity of only about 50,000 tonnes, leaving significant opportunities for value addition within the country.“In 2025, we disbursed over $164 billion to over 3,500 agro- and food-processing businesses, financing factories, mills, park houses, and coal-chains, and linking nearly 48,000 smallholder farmers into the industrial value chain. And I stand before you convinced that it can raise something even taller yet, an industry worthy of the largest economy on this continent, from bean to brand, from commodity to value,” Olusi said.Delivering a goodwill message, the Chief Executive of the Ghana Cocoa Board, Ransford Abbey, called for stronger regional cooperation among Africa’s leading cocoa-producing nations, arguing that the continent must move beyond exporting raw beans to capturing greater value through domestic processing.He said Africa produces between 75 and 77 per cent of the world’s cocoa but earns less than 10 per cent of the global chocolate industry’s value, describing the situation as a colonial economic structure that must be dismantled.Abbey urged Nigeria and Cameroon to formally join the existing Ghana-Côte d’Ivoire cocoa partnership, saying a four-country alliance would control about 75 per cent of global cocoa output and significantly improve Africa’s negotiating power.“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,” he said.The summit ended with the adoption of the Cocoa Value Addition Accord and the proposed Abuja Declaration, which seek to accelerate domestic cocoa processing, attract new investments, improve farmer incomes and deepen collaboration among Africa’s major cocoa-producing countries.Nigeria was once the world’s second-largest cocoa producer but lost its position following the oil boom, years of policy neglect and limited investment in processing. Today, although the country remains among the world’s top cocoa producers, most of its exports are still shipped abroad as raw beans.The Tinubu administration says reversing that trend through industrialisation and value addition is central to achieving its target of building a $1tn economy while boosting non-oil exports, creating jobs and increasing foreign exchange earnings. “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,” he said.The minister, who recounted his childhood experience growing up on cocoa farms in Cross River State, said the summit was deeply personal because generations of cocoa farmers had laboured for decades without enjoying the true value of their produce.He lamented that although Cross River remains one of Nigeria’s leading cocoa-producing states, it still lacks a major cocoa processing plant decades after commercial cultivation began.Related NewsAdamawa gov unveils ₦2.98bn modern market in YolaNSCDC apprehends two suspects for vandalism in KwaraTinubu promises clean water supply to all FCT area councilsAccording to him, the Federal Government was also pursuing closer collaboration with Ghana, Côte d’Ivoire and Cameroon to establish a broader African cocoa alliance capable of controlling about 75 per cent of global cocoa production, strengthening Africa’s bargaining power in international markets.He added that the proposed Abuja Declaration would move beyond commodity exports by promoting regional processing, traceability, investment and coordinated pricing among the continent’s major cocoa producers.Also speaking, the Managing Director and Chief Executive Officer of the Bank of Industry, Dr Olasupo Olusi, said the financial institution was ready to provide long-term financing to accelerate investments across the cocoa value chain.Olusi said cocoa once financed some of Nigeria’s biggest development projects, including Cocoa House, free education and major public infrastructure in the old Western Region, stressing that the commodity could once again become a catalyst for industrial growth.He disclosed that the Bank of Industry disbursed more than N164bn in 2025 to over 3,500 agro-processing and food businesses, supporting factories, mills, warehouses and cold-chain infrastructure while linking about 48,000 smallholder farmers to industrial value chains.The BOI boss also announced that the bank had secured a €60m credit facility from the European Investment Bank to support the cocoa sector and would establish dedicated financing windows for cocoa processing, ingredient manufacturing, packaging and chocolate production.He said, “We are not approaching cocoa as a lending programme; we are building an industrial ecosystem. Our goal is to finance everything from nurseries and cooperatives to grinding plants, ingredient factories, packaging lines and chocolate manufacturers.”He added that Nigeria currently produces over 300,000 tonnes of cocoa annually but has an effective grinding capacity of only about 50,000 tonnes, leaving significant opportunities for value addition within the country.“In 2025, we disbursed over $164 billion to over 3,500 agro- and food-processing businesses, financing factories, mills, park houses, and coal-chains, and linking nearly 48,000 smallholder farmers into the industrial value chain. And I stand before you convinced that it can raise something even taller yet, an industry worthy of the largest economy on this continent, from bean to brand, from commodity to value,” Olusi said.Delivering a goodwill message, the Chief Executive of the Ghana Cocoa Board, Ransford Abbey, called for stronger regional cooperation among Africa’s leading cocoa-producing nations, arguing that the continent must move beyond exporting raw beans to capturing greater value through domestic processing.He said Africa produces between 75 and 77 per cent of the world’s cocoa but earns less than 10 per cent of the global chocolate industry’s value, describing the situation as a colonial economic structure that must be dismantled.Abbey urged Nigeria and Cameroon to formally join the existing Ghana-Côte d’Ivoire cocoa partnership, saying a four-country alliance would control about 75 per cent of global cocoa output and significantly improve Africa’s negotiating power.“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,” he said.The summit ended with the adoption of the Cocoa Value Addition Accord and the proposed Abuja Declaration, which seek to accelerate domestic cocoa processing, attract new investments, improve farmer incomes and deepen collaboration among Africa’s major cocoa-producing countries.Nigeria was once the world’s second-largest cocoa producer but lost its position following the oil boom, years of policy neglect and limited investment in processing. Today, although the country remains among the world’s top cocoa producers, most of its exports are still shipped abroad as raw beans.The Tinubu administration says reversing that trend through industrialisation and value addition is central to achieving its target of building a $1tn economy while boosting non-oil exports, creating jobs and increasing foreign exchange earnings. The minister, who recounted his childhood experience growing up on cocoa farms in Cross River State, said the summit was deeply personal because generations of cocoa farmers had laboured for decades without enjoying the true value of their produce.He lamented that although Cross River remains one of Nigeria’s leading cocoa-producing states, it still lacks a major cocoa processing plant decades after commercial cultivation began.Related NewsAdamawa gov unveils ₦2.98bn modern market in YolaNSCDC apprehends two suspects for vandalism in KwaraTinubu promises clean water supply to all FCT area councilsAccording to him, the Federal Government was also pursuing closer collaboration with Ghana, Côte d’Ivoire and Cameroon to establish a broader African cocoa alliance capable of controlling about 75 per cent of global cocoa production, strengthening Africa’s bargaining power in international markets.He added that the proposed Abuja Declaration would move beyond commodity exports by promoting regional processing, traceability, investment and coordinated pricing among the continent’s major cocoa producers.Also speaking, the Managing Director and Chief Executive Officer of the Bank of Industry, Dr Olasupo Olusi, said the financial institution was ready to provide long-term financing to accelerate investments across the cocoa value chain.Olusi said cocoa once financed some of Nigeria’s biggest development projects, including Cocoa House, free education and major public infrastructure in the old Western Region, stressing that the commodity could once again become a catalyst for industrial growth.He disclosed that the Bank of Industry disbursed more than N164bn in 2025 to over 3,500 agro-processing and food businesses, supporting factories, mills, warehouses and cold-chain infrastructure while linking about 48,000 smallholder farmers to industrial value chains.The BOI boss also announced that the bank had secured a €60m credit facility from the European Investment Bank to support the cocoa sector and would establish dedicated financing windows for cocoa processing, ingredient manufacturing, packaging and chocolate production.He said, “We are not approaching cocoa as a lending programme; we are building an industrial ecosystem. Our goal is to finance everything from nurseries and cooperatives to grinding plants, ingredient factories, packaging lines and chocolate manufacturers.”He added that Nigeria currently produces over 300,000 tonnes of cocoa annually but has an effective grinding capacity of only about 50,000 tonnes, leaving significant opportunities for value addition within the country.“In 2025, we disbursed over $164 billion to over 3,500 agro- and food-processing businesses, financing factories, mills, park houses, and coal-chains, and linking nearly 48,000 smallholder farmers into the industrial value chain. And I stand before you convinced that it can raise something even taller yet, an industry worthy of the largest economy on this continent, from bean to brand, from commodity to value,” Olusi said.Delivering a goodwill message, the Chief Executive of the Ghana Cocoa Board, Ransford Abbey, called for stronger regional cooperation among Africa’s leading cocoa-producing nations, arguing that the continent must move beyond exporting raw beans to capturing greater value through domestic processing.He said Africa produces between 75 and 77 per cent of the world’s cocoa but earns less than 10 per cent of the global chocolate industry’s value, describing the situation as a colonial economic structure that must be dismantled.Abbey urged Nigeria and Cameroon to formally join the existing Ghana-Côte d’Ivoire cocoa partnership, saying a four-country alliance would control about 75 per cent of global cocoa output and significantly improve Africa’s negotiating power.“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,” he said.The summit ended with the adoption of the Cocoa Value Addition Accord and the proposed Abuja Declaration, which seek to accelerate domestic cocoa processing, attract new investments, improve farmer incomes and deepen collaboration among Africa’s major cocoa-producing countries.Nigeria was once the world’s second-largest cocoa producer but lost its position following the oil boom, years of policy neglect and limited investment in processing. Today, although the country remains among the world’s top cocoa producers, most of its exports are still shipped abroad as raw beans.The Tinubu administration says reversing that trend through industrialisation and value addition is central to achieving its target of building a $1tn economy while boosting non-oil exports, creating jobs and increasing foreign exchange earnings. He lamented that although Cross River remains one of Nigeria’s leading cocoa-producing states, it still lacks a major cocoa processing plant decades after commercial cultivation began.Related NewsAdamawa gov unveils ₦2.98bn modern market in YolaNSCDC apprehends two suspects for vandalism in KwaraTinubu promises clean water supply to all FCT area councilsAccording to him, the Federal Government was also pursuing closer collaboration with Ghana, Côte d’Ivoire and Cameroon to establish a broader African cocoa alliance capable of controlling about 75 per cent of global cocoa production, strengthening Africa’s bargaining power in international markets.He added that the proposed Abuja Declaration would move beyond commodity exports by promoting regional processing, traceability, investment and coordinated pricing among the continent’s major cocoa producers.Also speaking, the Managing Director and Chief Executive Officer of the Bank of Industry, Dr Olasupo Olusi, said the financial institution was ready to provide long-term financing to accelerate investments across the cocoa value chain.Olusi said cocoa once financed some of Nigeria’s biggest development projects, including Cocoa House, free education and major public infrastructure in the old Western Region, stressing that the commodity could once again become a catalyst for industrial growth.He disclosed that the Bank of Industry disbursed more than N164bn in 2025 to over 3,500 agro-processing and food businesses, supporting factories, mills, warehouses and cold-chain infrastructure while linking about 48,000 smallholder farmers to industrial value chains.The BOI boss also announced that the bank had secured a €60m credit facility from the European Investment Bank to support the cocoa sector and would establish dedicated financing windows for cocoa processing, ingredient manufacturing, packaging and chocolate production.He said, “We are not approaching cocoa as a lending programme; we are building an industrial ecosystem. Our goal is to finance everything from nurseries and cooperatives to grinding plants, ingredient factories, packaging lines and chocolate manufacturers.”He added that Nigeria currently produces over 300,000 tonnes of cocoa annually but has an effective grinding capacity of only about 50,000 tonnes, leaving significant opportunities for value addition within the country.“In 2025, we disbursed over $164 billion to over 3,500 agro- and food-processing businesses, financing factories, mills, park houses, and coal-chains, and linking nearly 48,000 smallholder farmers into the industrial value chain. And I stand before you convinced that it can raise something even taller yet, an industry worthy of the largest economy on this continent, from bean to brand, from commodity to value,” Olusi said.Delivering a goodwill message, the Chief Executive of the Ghana Cocoa Board, Ransford Abbey, called for stronger regional cooperation among Africa’s leading cocoa-producing nations, arguing that the continent must move beyond exporting raw beans to capturing greater value through domestic processing.He said Africa produces between 75 and 77 per cent of the world’s cocoa but earns less than 10 per cent of the global chocolate industry’s value, describing the situation as a colonial economic structure that must be dismantled.Abbey urged Nigeria and Cameroon to formally join the existing Ghana-Côte d’Ivoire cocoa partnership, saying a four-country alliance would control about 75 per cent of global cocoa output and significantly improve Africa’s negotiating power.“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,” he said.The summit ended with the adoption of the Cocoa Value Addition Accord and the proposed Abuja Declaration, which seek to accelerate domestic cocoa processing, attract new investments, improve farmer incomes and deepen collaboration among Africa’s major cocoa-producing countries.Nigeria was once the world’s second-largest cocoa producer but lost its position following the oil boom, years of policy neglect and limited investment in processing. Today, although the country remains among the world’s top cocoa producers, most of its exports are still shipped abroad as raw beans.The Tinubu administration says reversing that trend through industrialisation and value addition is central to achieving its target of building a $1tn economy while boosting non-oil exports, creating jobs and increasing foreign exchange earnings. According to him, the Federal Government was also pursuing closer collaboration with Ghana, Côte d’Ivoire and Cameroon to establish a broader African cocoa alliance capable of controlling about 75 per cent of global cocoa production, strengthening Africa’s bargaining power in international markets.He added that the proposed Abuja Declaration would move beyond commodity exports by promoting regional processing, traceability, investment and coordinated pricing among the continent’s major cocoa producers.Also speaking, the Managing Director and Chief Executive Officer of the Bank of Industry, Dr Olasupo Olusi, said the financial institution was ready to provide long-term financing to accelerate investments across the cocoa value chain.Olusi said cocoa once financed some of Nigeria’s biggest development projects, including Cocoa House, free education and major public infrastructure in the old Western Region, stressing that the commodity could once again become a catalyst for industrial growth.He disclosed that the Bank of Industry disbursed more than N164bn in 2025 to over 3,500 agro-processing and food businesses, supporting factories, mills, warehouses and cold-chain infrastructure while linking about 48,000 smallholder farmers to industrial value chains.The BOI boss also announced that the bank had secured a €60m credit facility from the European Investment Bank to support the cocoa sector and would establish dedicated financing windows for cocoa processing, ingredient manufacturing, packaging and chocolate production.He said, “We are not approaching cocoa as a lending programme; we are building an industrial ecosystem. Our goal is to finance everything from nurseries and cooperatives to grinding plants, ingredient factories, packaging lines and chocolate manufacturers.”He added that Nigeria currently produces over 300,000 tonnes of cocoa annually but has an effective grinding capacity of only about 50,000 tonnes, leaving significant opportunities for value addition within the country.“In 2025, we disbursed over $164 billion to over 3,500 agro- and food-processing businesses, financing factories, mills, park houses, and coal-chains, and linking nearly 48,000 smallholder farmers into the industrial value chain. And I stand before you convinced that it can raise something even taller yet, an industry worthy of the largest economy on this continent, from bean to brand, from commodity to value,” Olusi said.Delivering a goodwill message, the Chief Executive of the Ghana Cocoa Board, Ransford Abbey, called for stronger regional cooperation among Africa’s leading cocoa-producing nations, arguing that the continent must move beyond exporting raw beans to capturing greater value through domestic processing.He said Africa produces between 75 and 77 per cent of the world’s cocoa but earns less than 10 per cent of the global chocolate industry’s value, describing the situation as a colonial economic structure that must be dismantled.Abbey urged Nigeria and Cameroon to formally join the existing Ghana-Côte d’Ivoire cocoa partnership, saying a four-country alliance would control about 75 per cent of global cocoa output and significantly improve Africa’s negotiating power.“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,” he said.The summit ended with the adoption of the Cocoa Value Addition Accord and the proposed Abuja Declaration, which seek to accelerate domestic cocoa processing, attract new investments, improve farmer incomes and deepen collaboration among Africa’s major cocoa-producing countries.Nigeria was once the world’s second-largest cocoa producer but lost its position following the oil boom, years of policy neglect and limited investment in processing. Today, although the country remains among the world’s top cocoa producers, most of its exports are still shipped abroad as raw beans.The Tinubu administration says reversing that trend through industrialisation and value addition is central to achieving its target of building a $1tn economy while boosting non-oil exports, creating jobs and increasing foreign exchange earnings. He added that the proposed Abuja Declaration would move beyond commodity exports by promoting regional processing, traceability, investment and coordinated pricing among the continent’s major cocoa producers.Also speaking, the Managing Director and Chief Executive Officer of the Bank of Industry, Dr Olasupo Olusi, said the financial institution was ready to provide long-term financing to accelerate investments across the cocoa value chain.Olusi said cocoa once financed some of Nigeria’s biggest development projects, including Cocoa House, free education and major public infrastructure in the old Western Region, stressing that the commodity could once again become a catalyst for industrial growth.He disclosed that the Bank of Industry disbursed more than N164bn in 2025 to over 3,500 agro-processing and food businesses, supporting factories, mills, warehouses and cold-chain infrastructure while linking about 48,000 smallholder farmers to industrial value chains.The BOI boss also announced that the bank had secured a €60m credit facility from the European Investment Bank to support the cocoa sector and would establish dedicated financing windows for cocoa processing, ingredient manufacturing, packaging and chocolate production.He said, “We are not approaching cocoa as a lending programme; we are building an industrial ecosystem. Our goal is to finance everything from nurseries and cooperatives to grinding plants, ingredient factories, packaging lines and chocolate manufacturers.”He added that Nigeria currently produces over 300,000 tonnes of cocoa annually but has an effective grinding capacity of only about 50,000 tonnes, leaving significant opportunities for value addition within the country.“In 2025, we disbursed over $164 billion to over 3,500 agro- and food-processing businesses, financing factories, mills, park houses, and coal-chains, and linking nearly 48,000 smallholder farmers into the industrial value chain. And I stand before you convinced that it can raise something even taller yet, an industry worthy of the largest economy on this continent, from bean to brand, from commodity to value,” Olusi said.Delivering a goodwill message, the Chief Executive of the Ghana Cocoa Board, Ransford Abbey, called for stronger regional cooperation among Africa’s leading cocoa-producing nations, arguing that the continent must move beyond exporting raw beans to capturing greater value through domestic processing.He said Africa produces between 75 and 77 per cent of the world’s cocoa but earns less than 10 per cent of the global chocolate industry’s value, describing the situation as a colonial economic structure that must be dismantled.Abbey urged Nigeria and Cameroon to formally join the existing Ghana-Côte d’Ivoire cocoa partnership, saying a four-country alliance would control about 75 per cent of global cocoa output and significantly improve Africa’s negotiating power.“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,” he said.The summit ended with the adoption of the Cocoa Value Addition Accord and the proposed Abuja Declaration, which seek to accelerate domestic cocoa processing, attract new investments, improve farmer incomes and deepen collaboration among Africa’s major cocoa-producing countries.Nigeria was once the world’s second-largest cocoa producer but lost its position following the oil boom, years of policy neglect and limited investment in processing. Today, although the country remains among the world’s top cocoa producers, most of its exports are still shipped abroad as raw beans.The Tinubu administration says reversing that trend through industrialisation and value addition is central to achieving its target of building a $1tn economy while boosting non-oil exports, creating jobs and increasing foreign exchange earnings. Also speaking, the Managing Director and Chief Executive Officer of the Bank of Industry, Dr Olasupo Olusi, said the financial institution was ready to provide long-term financing to accelerate investments across the cocoa value chain.Olusi said cocoa once financed some of Nigeria’s biggest development projects, including Cocoa House, free education and major public infrastructure in the old Western Region, stressing that the commodity could once again become a catalyst for industrial growth.He disclosed that the Bank of Industry disbursed more than N164bn in 2025 to over 3,500 agro-processing and food businesses, supporting factories, mills, warehouses and cold-chain infrastructure while linking about 48,000 smallholder farmers to industrial value chains.The BOI boss also announced that the bank had secured a €60m credit facility from the European Investment Bank to support the cocoa sector and would establish dedicated financing windows for cocoa processing, ingredient manufacturing, packaging and chocolate production.He said, “We are not approaching cocoa as a lending programme; we are building an industrial ecosystem. Our goal is to finance everything from nurseries and cooperatives to grinding plants, ingredient factories, packaging lines and chocolate manufacturers.”He added that Nigeria currently produces over 300,000 tonnes of cocoa annually but has an effective grinding capacity of only about 50,000 tonnes, leaving significant opportunities for value addition within the country.“In 2025, we disbursed over $164 billion to over 3,500 agro- and food-processing businesses, financing factories, mills, park houses, and coal-chains, and linking nearly 48,000 smallholder farmers into the industrial value chain. And I stand before you convinced that it can raise something even taller yet, an industry worthy of the largest economy on this continent, from bean to brand, from commodity to value,” Olusi said.Delivering a goodwill message, the Chief Executive of the Ghana Cocoa Board, Ransford Abbey, called for stronger regional cooperation among Africa’s leading cocoa-producing nations, arguing that the continent must move beyond exporting raw beans to capturing greater value through domestic processing.He said Africa produces between 75 and 77 per cent of the world’s cocoa but earns less than 10 per cent of the global chocolate industry’s value, describing the situation as a colonial economic structure that must be dismantled.Abbey urged Nigeria and Cameroon to formally join the existing Ghana-Côte d’Ivoire cocoa partnership, saying a four-country alliance would control about 75 per cent of global cocoa output and significantly improve Africa’s negotiating power.“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,” he said.The summit ended with the adoption of the Cocoa Value Addition Accord and the proposed Abuja Declaration, which seek to accelerate domestic cocoa processing, attract new investments, improve farmer incomes and deepen collaboration among Africa’s major cocoa-producing countries.Nigeria was once the world’s second-largest cocoa producer but lost its position following the oil boom, years of policy neglect and limited investment in processing. Today, although the country remains among the world’s top cocoa producers, most of its exports are still shipped abroad as raw beans.The Tinubu administration says reversing that trend through industrialisation and value addition is central to achieving its target of building a $1tn economy while boosting non-oil exports, creating jobs and increasing foreign exchange earnings. Olusi said cocoa once financed some of Nigeria’s biggest development projects, including Cocoa House, free education and major public infrastructure in the old Western Region, stressing that the commodity could once again become a catalyst for industrial growth.He disclosed that the Bank of Industry disbursed more than N164bn in 2025 to over 3,500 agro-processing and food businesses, supporting factories, mills, warehouses and cold-chain infrastructure while linking about 48,000 smallholder farmers to industrial value chains.The BOI boss also announced that the bank had secured a €60m credit facility from the European Investment Bank to support the cocoa sector and would establish dedicated financing windows for cocoa processing, ingredient manufacturing, packaging and chocolate production.He said, “We are not approaching cocoa as a lending programme; we are building an industrial ecosystem. Our goal is to finance everything from nurseries and cooperatives to grinding plants, ingredient factories, packaging lines and chocolate manufacturers.”He added that Nigeria currently produces over 300,000 tonnes of cocoa annually but has an effective grinding capacity of only about 50,000 tonnes, leaving significant opportunities for value addition within the country.“In 2025, we disbursed over $164 billion to over 3,500 agro- and food-processing businesses, financing factories, mills, park houses, and coal-chains, and linking nearly 48,000 smallholder farmers into the industrial value chain. And I stand before you convinced that it can raise something even taller yet, an industry worthy of the largest economy on this continent, from bean to brand, from commodity to value,” Olusi said.Delivering a goodwill message, the Chief Executive of the Ghana Cocoa Board, Ransford Abbey, called for stronger regional cooperation among Africa’s leading cocoa-producing nations, arguing that the continent must move beyond exporting raw beans to capturing greater value through domestic processing.He said Africa produces between 75 and 77 per cent of the world’s cocoa but earns less than 10 per cent of the global chocolate industry’s value, describing the situation as a colonial economic structure that must be dismantled.Abbey urged Nigeria and Cameroon to formally join the existing Ghana-Côte d’Ivoire cocoa partnership, saying a four-country alliance would control about 75 per cent of global cocoa output and significantly improve Africa’s negotiating power.“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,” he said.The summit ended with the adoption of the Cocoa Value Addition Accord and the proposed Abuja Declaration, which seek to accelerate domestic cocoa processing, attract new investments, improve farmer incomes and deepen collaboration among Africa’s major cocoa-producing countries.Nigeria was once the world’s second-largest cocoa producer but lost its position following the oil boom, years of policy neglect and limited investment in processing. Today, although the country remains among the world’s top cocoa producers, most of its exports are still shipped abroad as raw beans.The Tinubu administration says reversing that trend through industrialisation and value addition is central to achieving its target of building a $1tn economy while boosting non-oil exports, creating jobs and increasing foreign exchange earnings. He disclosed that the Bank of Industry disbursed more than N164bn in 2025 to over 3,500 agro-processing and food businesses, supporting factories, mills, warehouses and cold-chain infrastructure while linking about 48,000 smallholder farmers to industrial value chains.The BOI boss also announced that the bank had secured a €60m credit facility from the European Investment Bank to support the cocoa sector and would establish dedicated financing windows for cocoa processing, ingredient manufacturing, packaging and chocolate production.He said, “We are not approaching cocoa as a lending programme; we are building an industrial ecosystem. Our goal is to finance everything from nurseries and cooperatives to grinding plants, ingredient factories, packaging lines and chocolate manufacturers.”He added that Nigeria currently produces over 300,000 tonnes of cocoa annually but has an effective grinding capacity of only about 50,000 tonnes, leaving significant opportunities for value addition within the country.“In 2025, we disbursed over $164 billion to over 3,500 agro- and food-processing businesses, financing factories, mills, park houses, and coal-chains, and linking nearly 48,000 smallholder farmers into the industrial value chain. And I stand before you convinced that it can raise something even taller yet, an industry worthy of the largest economy on this continent, from bean to brand, from commodity to value,” Olusi said.Delivering a goodwill message, the Chief Executive of the Ghana Cocoa Board, Ransford Abbey, called for stronger regional cooperation among Africa’s leading cocoa-producing nations, arguing that the continent must move beyond exporting raw beans to capturing greater value through domestic processing.He said Africa produces between 75 and 77 per cent of the world’s cocoa but earns less than 10 per cent of the global chocolate industry’s value, describing the situation as a colonial economic structure that must be dismantled.Abbey urged Nigeria and Cameroon to formally join the existing Ghana-Côte d’Ivoire cocoa partnership, saying a four-country alliance would control about 75 per cent of global cocoa output and significantly improve Africa’s negotiating power.“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,” he said.The summit ended with the adoption of the Cocoa Value Addition Accord and the proposed Abuja Declaration, which seek to accelerate domestic cocoa processing, attract new investments, improve farmer incomes and deepen collaboration among Africa’s major cocoa-producing countries.Nigeria was once the world’s second-largest cocoa producer but lost its position following the oil boom, years of policy neglect and limited investment in processing. Today, although the country remains among the world’s top cocoa producers, most of its exports are still shipped abroad as raw beans.The Tinubu administration says reversing that trend through industrialisation and value addition is central to achieving its target of building a $1tn economy while boosting non-oil exports, creating jobs and increasing foreign exchange earnings. The BOI boss also announced that the bank had secured a €60m credit facility from the European Investment Bank to support the cocoa sector and would establish dedicated financing windows for cocoa processing, ingredient manufacturing, packaging and chocolate production.He said, “We are not approaching cocoa as a lending programme; we are building an industrial ecosystem. Our goal is to finance everything from nurseries and cooperatives to grinding plants, ingredient factories, packaging lines and chocolate manufacturers.”He added that Nigeria currently produces over 300,000 tonnes of cocoa annually but has an effective grinding capacity of only about 50,000 tonnes, leaving significant opportunities for value addition within the country.“In 2025, we disbursed over $164 billion to over 3,500 agro- and food-processing businesses, financing factories, mills, park houses, and coal-chains, and linking nearly 48,000 smallholder farmers into the industrial value chain. And I stand before you convinced that it can raise something even taller yet, an industry worthy of the largest economy on this continent, from bean to brand, from commodity to value,” Olusi said.Delivering a goodwill message, the Chief Executive of the Ghana Cocoa Board, Ransford Abbey, called for stronger regional cooperation among Africa’s leading cocoa-producing nations, arguing that the continent must move beyond exporting raw beans to capturing greater value through domestic processing.He said Africa produces between 75 and 77 per cent of the world’s cocoa but earns less than 10 per cent of the global chocolate industry’s value, describing the situation as a colonial economic structure that must be dismantled.Abbey urged Nigeria and Cameroon to formally join the existing Ghana-Côte d’Ivoire cocoa partnership, saying a four-country alliance would control about 75 per cent of global cocoa output and significantly improve Africa’s negotiating power.“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,” he said.The summit ended with the adoption of the Cocoa Value Addition Accord and the proposed Abuja Declaration, which seek to accelerate domestic cocoa processing, attract new investments, improve farmer incomes and deepen collaboration among Africa’s major cocoa-producing countries.Nigeria was once the world’s second-largest cocoa producer but lost its position following the oil boom, years of policy neglect and limited investment in processing. Today, although the country remains among the world’s top cocoa producers, most of its exports are still shipped abroad as raw beans.The Tinubu administration says reversing that trend through industrialisation and value addition is central to achieving its target of building a $1tn economy while boosting non-oil exports, creating jobs and increasing foreign exchange earnings. He said, “We are not approaching cocoa as a lending programme; we are building an industrial ecosystem. Our goal is to finance everything from nurseries and cooperatives to grinding plants, ingredient factories, packaging lines and chocolate manufacturers.”He added that Nigeria currently produces over 300,000 tonnes of cocoa annually but has an effective grinding capacity of only about 50,000 tonnes, leaving significant opportunities for value addition within the country.“In 2025, we disbursed over $164 billion to over 3,500 agro- and food-processing businesses, financing factories, mills, park houses, and coal-chains, and linking nearly 48,000 smallholder farmers into the industrial value chain. And I stand before you convinced that it can raise something even taller yet, an industry worthy of the largest economy on this continent, from bean to brand, from commodity to value,” Olusi said.Delivering a goodwill message, the Chief Executive of the Ghana Cocoa Board, Ransford Abbey, called for stronger regional cooperation among Africa’s leading cocoa-producing nations, arguing that the continent must move beyond exporting raw beans to capturing greater value through domestic processing.He said Africa produces between 75 and 77 per cent of the world’s cocoa but earns less than 10 per cent of the global chocolate industry’s value, describing the situation as a colonial economic structure that must be dismantled.Abbey urged Nigeria and Cameroon to formally join the existing Ghana-Côte d’Ivoire cocoa partnership, saying a four-country alliance would control about 75 per cent of global cocoa output and significantly improve Africa’s negotiating power.“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,” he said.The summit ended with the adoption of the Cocoa Value Addition Accord and the proposed Abuja Declaration, which seek to accelerate domestic cocoa processing, attract new investments, improve farmer incomes and deepen collaboration among Africa’s major cocoa-producing countries.Nigeria was once the world’s second-largest cocoa producer but lost its position following the oil boom, years of policy neglect and limited investment in processing. Today, although the country remains among the world’s top cocoa producers, most of its exports are still shipped abroad as raw beans.The Tinubu administration says reversing that trend through industrialisation and value addition is central to achieving its target of building a $1tn economy while boosting non-oil exports, creating jobs and increasing foreign exchange earnings. He added that Nigeria currently produces over 300,000 tonnes of cocoa annually but has an effective grinding capacity of only about 50,000 tonnes, leaving significant opportunities for value addition within the country.“In 2025, we disbursed over $164 billion to over 3,500 agro- and food-processing businesses, financing factories, mills, park houses, and coal-chains, and linking nearly 48,000 smallholder farmers into the industrial value chain. And I stand before you convinced that it can raise something even taller yet, an industry worthy of the largest economy on this continent, from bean to brand, from commodity to value,” Olusi said.Delivering a goodwill message, the Chief Executive of the Ghana Cocoa Board, Ransford Abbey, called for stronger regional cooperation among Africa’s leading cocoa-producing nations, arguing that the continent must move beyond exporting raw beans to capturing greater value through domestic processing.He said Africa produces between 75 and 77 per cent of the world’s cocoa but earns less than 10 per cent of the global chocolate industry’s value, describing the situation as a colonial economic structure that must be dismantled.Abbey urged Nigeria and Cameroon to formally join the existing Ghana-Côte d’Ivoire cocoa partnership, saying a four-country alliance would control about 75 per cent of global cocoa output and significantly improve Africa’s negotiating power.“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,” he said.The summit ended with the adoption of the Cocoa Value Addition Accord and the proposed Abuja Declaration, which seek to accelerate domestic cocoa processing, attract new investments, improve farmer incomes and deepen collaboration among Africa’s major cocoa-producing countries.Nigeria was once the world’s second-largest cocoa producer but lost its position following the oil boom, years of policy neglect and limited investment in processing. Today, although the country remains among the world’s top cocoa producers, most of its exports are still shipped abroad as raw beans.The Tinubu administration says reversing that trend through industrialisation and value addition is central to achieving its target of building a $1tn economy while boosting non-oil exports, creating jobs and increasing foreign exchange earnings. “In 2025, we disbursed over $164 billion to over 3,500 agro- and food-processing businesses, financing factories, mills, park houses, and coal-chains, and linking nearly 48,000 smallholder farmers into the industrial value chain. And I stand before you convinced that it can raise something even taller yet, an industry worthy of the largest economy on this continent, from bean to brand, from commodity to value,” Olusi said.Delivering a goodwill message, the Chief Executive of the Ghana Cocoa Board, Ransford Abbey, called for stronger regional cooperation among Africa’s leading cocoa-producing nations, arguing that the continent must move beyond exporting raw beans to capturing greater value through domestic processing.He said Africa produces between 75 and 77 per cent of the world’s cocoa but earns less than 10 per cent of the global chocolate industry’s value, describing the situation as a colonial economic structure that must be dismantled.Abbey urged Nigeria and Cameroon to formally join the existing Ghana-Côte d’Ivoire cocoa partnership, saying a four-country alliance would control about 75 per cent of global cocoa output and significantly improve Africa’s negotiating power.“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,” he said.The summit ended with the adoption of the Cocoa Value Addition Accord and the proposed Abuja Declaration, which seek to accelerate domestic cocoa processing, attract new investments, improve farmer incomes and deepen collaboration among Africa’s major cocoa-producing countries.Nigeria was once the world’s second-largest cocoa producer but lost its position following the oil boom, years of policy neglect and limited investment in processing. Today, although the country remains among the world’s top cocoa producers, most of its exports are still shipped abroad as raw beans.The Tinubu administration says reversing that trend through industrialisation and value addition is central to achieving its target of building a $1tn economy while boosting non-oil exports, creating jobs and increasing foreign exchange earnings. Delivering a goodwill message, the Chief Executive of the Ghana Cocoa Board, Ransford Abbey, called for stronger regional cooperation among Africa’s leading cocoa-producing nations, arguing that the continent must move beyond exporting raw beans to capturing greater value through domestic processing.He said Africa produces between 75 and 77 per cent of the world’s cocoa but earns less than 10 per cent of the global chocolate industry’s value, describing the situation as a colonial economic structure that must be dismantled.Abbey urged Nigeria and Cameroon to formally join the existing Ghana-Côte d’Ivoire cocoa partnership, saying a four-country alliance would control about 75 per cent of global cocoa output and significantly improve Africa’s negotiating power.“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,” he said.The summit ended with the adoption of the Cocoa Value Addition Accord and the proposed Abuja Declaration, which seek to accelerate domestic cocoa processing, attract new investments, improve farmer incomes and deepen collaboration among Africa’s major cocoa-producing countries.Nigeria was once the world’s second-largest cocoa producer but lost its position following the oil boom, years of policy neglect and limited investment in processing. Today, although the country remains among the world’s top cocoa producers, most of its exports are still shipped abroad as raw beans.The Tinubu administration says reversing that trend through industrialisation and value addition is central to achieving its target of building a $1tn economy while boosting non-oil exports, creating jobs and increasing foreign exchange earnings. He said Africa produces between 75 and 77 per cent of the world’s cocoa but earns less than 10 per cent of the global chocolate industry’s value, describing the situation as a colonial economic structure that must be dismantled.Abbey urged Nigeria and Cameroon to formally join the existing Ghana-Côte d’Ivoire cocoa partnership, saying a four-country alliance would control about 75 per cent of global cocoa output and significantly improve Africa’s negotiating power.“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,” he said.The summit ended with the adoption of the Cocoa Value Addition Accord and the proposed Abuja Declaration, which seek to accelerate domestic cocoa processing, attract new investments, improve farmer incomes and deepen collaboration among Africa’s major cocoa-producing countries.Nigeria was once the world’s second-largest cocoa producer but lost its position following the oil boom, years of policy neglect and limited investment in processing. Today, although the country remains among the world’s top cocoa producers, most of its exports are still shipped abroad as raw beans.The Tinubu administration says reversing that trend through industrialisation and value addition is central to achieving its target of building a $1tn economy while boosting non-oil exports, creating jobs and increasing foreign exchange earnings. Abbey urged Nigeria and Cameroon to formally join the existing Ghana-Côte d’Ivoire cocoa partnership, saying a four-country alliance would control about 75 per cent of global cocoa output and significantly improve Africa’s negotiating power.“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,” he said.The summit ended with the adoption of the Cocoa Value Addition Accord and the proposed Abuja Declaration, which seek to accelerate domestic cocoa processing, attract new investments, improve farmer incomes and deepen collaboration among Africa’s major cocoa-producing countries.Nigeria was once the world’s second-largest cocoa producer but lost its position following the oil boom, years of policy neglect and limited investment in processing. Today, although the country remains among the world’s top cocoa producers, most of its exports are still shipped abroad as raw beans.The Tinubu administration says reversing that trend through industrialisation and value addition is central to achieving its target of building a $1tn economy while boosting non-oil exports, creating jobs and increasing foreign exchange earnings. “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,” he said.The summit ended with the adoption of the Cocoa Value Addition Accord and the proposed Abuja Declaration, which seek to accelerate domestic cocoa processing, attract new investments, improve farmer incomes and deepen collaboration among Africa’s major cocoa-producing countries.Nigeria was once the world’s second-largest cocoa producer but lost its position following the oil boom, years of policy neglect and limited investment in processing. Today, although the country remains among the world’s top cocoa producers, most of its exports are still shipped abroad as raw beans.The Tinubu administration says reversing that trend through industrialisation and value addition is central to achieving its target of building a $1tn economy while boosting non-oil exports, creating jobs and increasing foreign exchange earnings. The summit ended with the adoption of the Cocoa Value Addition Accord and the proposed Abuja Declaration, which seek to accelerate domestic cocoa processing, attract new investments, improve farmer incomes and deepen collaboration among Africa’s major cocoa-producing countries.Nigeria was once the world’s second-largest cocoa producer but lost its position following the oil boom, years of policy neglect and limited investment in processing. Today, although the country remains among the world’s top cocoa producers, most of its exports are still shipped abroad as raw beans.The Tinubu administration says reversing that trend through industrialisation and value addition is central to achieving its target of building a $1tn economy while boosting non-oil exports, creating jobs and increasing foreign exchange earnings. Nigeria was once the world’s second-largest cocoa producer but lost its position following the oil boom, years of policy neglect and limited investment in processing. Today, although the country remains among the world’s top cocoa producers, most of its exports are still shipped abroad as raw beans.The Tinubu administration says reversing that trend through industrialisation and value addition is central to achieving its target of building a $1tn economy while boosting non-oil exports, creating jobs and increasing foreign exchange earnings. The Tinubu administration says reversing that trend through industrialisation and value addition is central to achieving its target of building a $1tn economy while boosting non-oil exports, creating jobs and increasing foreign exchange earnings.