Nigeria experienced a 304 percent increase in cocoa exports during the first quarter of 2024, driven by a surge in demand and the weakening of the naira, based on figures released by the National Bureau of Statistics (NBS).

Cocoa exports from the country made up 42.4 percent of the N1.04 trillion total agricultural exports for the quarter, climbing significantly to N438.7 billion in Q1 2024, compared to N108.6 billion during the same period in 2023.

Cocoa prices jumped by more than 567 percent in the first quarter of 2024, exceeding N12 million per metric ton for the first time domestically. This was caused by a major supply shortfall from Ivory Coast and Ghana, two key producers, disrupting the global market.

The price boom encouraged Nigerian cocoa farmers to revive old plantations and plant improved seedlings, replacing aging trees and expanding their farms.

“You can imagine the efforts and the returns that are coming from the export of cocoa,” said Adeola Adegoke, national president of the Cocoa Farmers Association of Nigeria, (in a chat with BusinessDay).

“It shows that if governments and all of us at the private sector can remain focused in terms of increasing and decentralising the production of cocoa, Nigeria could be producing about 500,000 to 600,000 metric tons,” he added.

He said the revenue from cocoa exports in the first quarter highlights the vast potential of cocoa production in Nigeria. He believes this potential could be fully harnessed with the right level of attention and investment, helping to increase national earnings.

Despite the jump in export earnings, Mufutua Abolarinwa, national president of the Cocoa Association of Nigeria (CAN), pointed out that output levels have not changed.

Abolarinwa noted that the increase in export income doesn’t match the actual production volume.

“The reason for this high revenue from cocoa export is because of the dollar exchange rate,” he said. “Production did not necessarily increase from its current 280,000 metric tons.”

According to the International Cocoa Organisation (ICCO), Nigeria ranks as the fourth-largest cocoa producer globally with 280,000 metric tonnes produced during the 2022–2023 season, following Ivory Coast, Indonesia, and Ghana. It also stands as the third-largest exporter after Ivory Coast and Ghana.

During the first half of the year, cocoa prices reached record highs of $12,000 per tonne in April 2024, according to ICCO data.

On the local scene, cocoa bean prices have also spiked due to the weaker naira. Farmers have reported better profits during this price surge, with many returning to their farms to take advantage of the favorable market.

Sayina Riman, a cocoa grower from Ikom in Cross River State, told BusinessDay that he dedicated more time to his farm this year than in previous years.

“I paid more attention to my cocoa farm this year than before. I pruned the undergrowth and applied liquid fertiliser, which is something I have never done,” Riman said.

He said his income grew by 200 percent, although a large portion of it was spent on labor costs.

Oba Dokun Thompson, the Oloni of Eti-Oni and chairman of the Eti-Oni Development Group, who also produces Gureje IV chocolate bars, emphasized the need to focus on value addition in cocoa, beyond just the financial returns.

He said that the ongoing price rally is not sustainable, as more cocoa-producing regions are increasing their capacity, which could result in a drop in prices within the next two years.

Thompson encouraged farmers to keep up the momentum Nigeria has seen so far in 2024 and emphasized the importance of developing the cocoa industry as a value-added sector.

“Government needs to support innovation and creative ideas, new ideas and new ways to ensure that there is a clear understanding of the cocoa industry,” he said.

The chocolate maker added that in order for Nigeria to establish a strong cocoa culture in West Africa and across the continent, government support for the sector is crucial.

The All Progressives Congress (APC) National Working Committee has welcomed the defection of Akwa Ibom State Governor, Umo Eno, fErom the Peoples Democratic Party (PDP), expressing satisfaction with his decision.

The party described Eno’s move as a well-considered choice that would promote further development in Akwa Ibom and benefit its residents.

In a statement issued Friday on X by the party’s National Publicity Secretary, Felix Morka, and titled APC Welcomes Akwa Ibom State Governor, Umo Eno, Into Party, the APC gave the governor assurance of full support and integration.

The statement read, “The National Working Committee of All Progressives Congress (APC) under the leadership of His Dr. Abdullahi Umar Ganduje is delighted at the news of the Governor of Akwa Ibom state, Umo Eno’s decision to join our great Party.

“We are confident that his thoughtful decision will inure to the greater progress of Akwa Ibom state and people.

“Our great party assures the governor of its fullest cooperation and accommodation in the APC family, as we continue to grow the Party and work together towards the full realisation of the Renewed Hope Agenda of President Bola Ahmed Tinubu, for the good and benefit of all Nigerians.”

Eno officially left the PDP and joined the APC on Friday.

He explained that his move to the APC was to enable him to fully back the economic initiatives of President Bola Tinubu.

“We are not joining the APC from a position of weakness, we are joining the APC from a position of strength,” he added.

Eno’s switch came just a few weeks after Delta State Governor, Sheriff Oborevwori, also left the PDP for the APC.

Two weeks earlier, Eno had directed his commissioners and appointees to either follow him into the APC or step down from their roles.

The Speaker of the Lagos State House of Assembly, Rt. Hon. (Dr) Mudashiru Obasa has emphasised the importance of compassion and charity towards the less fortunate in society.

The Speaker said this in a heartfelt message marking the celebration of Eid al-Adha, which was released to the public ahead of the festival by his Chief Press Secretary, Dave Agboola.

Speaker Obasa highlighted the essence of Eid al-Adha, which commemorates the willingness of Prophet Ibrahim (Abraham) to sacrifice his son as an act of obedience to God. He drew parallels between this spirit of sacrifice and the modern-day necessity of aiding the disadvantaged. “As we celebrate this significant occasion,” he noted, “let us remember those who are less fortunate. Compassion should be at the core of our hearts, motivating us to support the needy among us.”

He called on residents of Lagos State, especially the Muslim ummah, to extend their hands in kindness and participate in charitable acts, whether through donations, food distribution, or other forms of assistance to those facing hardships. “I encourage everyone to open their hearts and contribute to the welfare of others. It is through our collective efforts that we can alleviate suffering and build a more inclusive society,” he stated.

In the sallah message, Obasa stressed the need for individuals to embody the spirit of sacrifice in their daily lives, not only during festive periods but throughout the year. He reminded the public that sharing and caring for others fosters a sense of belonging and creates a more harmonious society.

The Speaker also reflected on the values of unity and community that Eid embodies, encouraging citizens all over the country to come together regardless of their differences. “Eid al-Adha teaches us the power of togetherness. Let us embrace our diversity and strengthen our bonds as a community, ensuring that no one is left behind,” he added.

Dr Obasa further extended his warm greetings to all Muslims in Lagos State, urging them to celebrate safely and responsibly while reflecting on the deeper meanings of the holiday. “Let us celebrate with gratitude and a renewed commitment to helping people around. May this Eid bring peace, joy, and prosperity to us all,” he concluded.