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Nigeria’s Cocoa Exports Soar By 304% On Rising Global Demand, Weak Naira — NBS

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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.

BIG STORY

Forgive Fubara Like Sanwo-Olu, Reinstate Him In The Spirit Of June 12 — Bode George To Tinubu

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Bode George, a chieftain of the Peoples Democratic Party (PDP), has appealed to President Bola Tinubu to “reinstate Siminalayi Fubara,” the “suspended governor of Rivers,” in the “spirit of the June 12 celebrations.”

In an open letter addressed to Tinubu, George said since the president recently “forgave Babajide Sanwo-Olu,” governor of Lagos, the “same gesture should be extended to Fubara.”

George, a former PDP deputy national chairman (south-west), said the president should “reinstate Fubara” to “honor the memory of the June 12 struggles.”

“If Tinubu could forgive Governor Babajide Sanwo-Olu of Lagos State, then he should extend the same gesture to Fubara,” he was quoted as saying by NAN.

“On June 12, we will be celebrating Democracy Day. This is a reminder of the true meaning of democracy — the will of the people.

“Since Tinubu has forgiven Sanwo-Olu, then it makes a lot of sense, spiritually, to also forgive Fubara and let him return to office. I am talking as an elder.

“He (Tinubu) later joined NADECO to fight for democracy. Some of those who fought alongside him for democracy have died. It is not of his making that he is alive today.

“So, he should thank God, honour the memory of those who fought alongside him for democracy and return Fubara to office immediately.

“I also appeal to him, in the spirit of my maternal grand uncle who founded the first political party in Nigeria in 1922, Herbert Macaulay, to please reinstate Fubara.

“Tinubu should listen to and honour this appeal in memory of all those who died in the journey to our democracy.”

On “June 8,” during a “meeting with the Governor’s Advisory Council (GAC) and other Lagos stakeholders,” Tinubu said he had “forgiven Sanwo-Olu.”

“June 12” has been declared as a day to “commemorate democracy in Nigeria” to “posthumously honor MKO Abiola,” presumed winner of the “June 12, 1993, presidential election.”

BACKGROUND

On “March 18,” Tinubu declared “emergency rule” in the “oil-rich Rivers” over the “political crisis and instability” in the state.

He also “suspended Fubara,” his “deputy, Ngozi Odu,” and “all members of the Rivers assembly” for an “initial period of six months.”

The president immediately appointed Ibok-Ete Ibas, a “retired naval chief,” as the “state’s sole administrator.”

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BIG STORY

NIHOTOUR Calls For Calm Engagement After Field Officer Provoked During Lagos Compliance Exercise

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On Tuesday, June 10, 2025, during a “scheduled compliance and standardization exercise” by the “National Institute for Hospitality and Tourism (NIHOTOUR)” at the “Federal Palace Hotel, Victoria Island, Lagos,” a “moment of tension arose” between a “hotel staff member” and a “law enforcement officer” attached to the NIHOTOUR delegation who was “striped off his uniform” by the hotel staff.

The misunderstanding—which “does not reflect the tone of the broader engagement”—escalated when a “hotel staff physically confronted the officer,” resulting in “damage and striping of his official police uniform.”

The officer, “caught off guard” and “naked with only his pants trousers,” got “visibly provoked” and responded with a “slap,” which made “direct contact with the staff member’s face.”

While the incident is “regrettable and avoidable,” it serves as a “sober reminder” of the importance of “composure, clarity, and professionalism” during such exercises.

The Institute reiterates that its mandate is anchored on “collaboration, capacity enhancement, and stakeholder engagement”—”not hostility or confrontation.”

Commenting on the situation, NIHOTOUR’s Director of Inspection and Enforcement, Barrister Chike Ukuekwe, urged practitioners and operators in the industry to “shun aggressive and combative engagement” when officers of the law arrive at their premises for a “compliance exercise.”

He further emphasized the “need for mutual understanding” and a “professional approach to enforcement efforts.”

“Our collective mission is the upliftment of Nigeria’s hospitality, tourism, and travel sectors through standardization and compliance. These exercises are not meant to antagonize operators but to align practices with national expectations and global standards,” he said.

“We commend establishments like Eko Hotel, Sojourner Hotel, Marriot Hotel, Radisson Blu Hotel VI, Black Diamond Hotel, Four Points By Sheraton and others that open their doors to these engagements, and we urge all stakeholders to embrace dialogue, not disruption. It would interest you to know that most of the hotels visited, the compliance issues were resolved within the premises of most hotels, and our team left peacefully after assurances were made by most management of those hotels to comply within 7 days’ time.”

As “Nigeria’s lead institution” for the “standardization of the hospitality, tourism, and travel industry practice,” NIHOTOUR remains “committed to ensuring a professional and safe operational environment.”

“Initiatives such as the ongoing national compliance drive” are designed to “reinforce quality, ethics, and service excellence” across the board.

Moving forward, NIHOTOUR is taking “deliberate steps” to “enhance communication protocols” and “on-site preparedness” during field exercises, ensuring “clarity of purpose and mutual respect” among all parties involved.

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BIG STORY

Democracy Day: President Tinubu To Address Nigerians At 7am Tomorrow

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To commemorate the 2025 Democracy Day, President Bola Tinubu is scheduled to deliver a nationwide broadcast on Thursday at 7am.

This was disclosed in a statement released on Wednesday by the Inter-Ministerial Committee on Democracy Day.

Abdulhakeem Adeoye, who signed the statement on behalf of the committee’s Director, Information & Public Relations, stated that following the address, the president will participate in a joint session of the National Assembly at noon.

The session is expected to include speeches about the State of the Nation, reflections on Nigeria’s democratic evolution, and calls for greater unity and reform across the country.

Later in the evening, a public lecture titled “Consolidating on the Gains of Nigeria’s Democracy: Necessity of Enduring Reforms” is set to take place at 4pm at the State House Conference Centre in Abuja.

In contrast to previous celebrations, there will be no Democracy Day parade this year.

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