Vice President Kashim Shettima has declared the Federal Government’s full commitment to revitalizing Nigeria’s cocoa industry, with plans to transition the country from a mere producer to a major processor of cocoa on the global stage.
Speaking during a meeting with a delegation from the World Cocoa Foundation led by its President, Chris Vincent, at the Presidential Villa on Monday, Shettima emphasized that the administration is implementing policies to promote sustainable cocoa farming and boost the agricultural value chain.
“Let’s walk the talk. We used to be one of the world’s leading cocoa producers, but because of the advent of oil, we have been relegated to the background now. But we can reclaim that lost glory, and the President is fully committed to revitalising not only the cocoa industry but all agricultural value chains,” Shettima stated.
He revealed that the Federal Executive Council recently approved the establishment of a National Cocoa Management Board to oversee the sector’s revival.
“At our last Federal Executive Council (FEC) meeting, the government approved the establishment of the National Cocoa Management Board geared towards revitalising the cocoa industry and the whole cocoa value chain,” he added.
Highlighting the economic potential of cocoa processing, the Vice President noted that while raw cocoa currently fetches about $9,000 per tonne, processed cocoa could generate up to $30,000, with chocolate products reaching $50,000.
“We don’t want to be producers of cocoa; we want to be processors of cocoa… We have the manpower, the average age of the nation is 17. We have very virile young men who are willing to work if they have the opportunity,” he said.
Shettima also disclosed his personal commitment to cocoa farming, stating, “I want to walk the talk. It is not even about the profit criteria; no. It’s about the social welfare criteria – employing people.”
He pledged to engage the Taraba State governor to secure 10,000 hectares of land in Kurmi Local Government Area for WCF’s expansion plans.
WCF President Chris Vincent expressed the Foundation’s readiness to collaborate with Nigeria, citing global cocoa shortages and rising prices. “We are in the middle of a global cocoa supply shortage, and the prices have risen four times over the last three years. We are looking for new supplies of cocoa, sustainable cocoa in particular,” he said.
Vincent emphasized Nigeria’s potential, stating, “The next two to three years are an opportunity for growth.”
In a separate development, Vice President Shettima revealed Nigeria’s push for a $25 billion undersea gas pipeline to Europe, positioning the country as a prime investment destination under President Tinubu’s economic reforms.
“President Bola Ahmed Tinubu grew up in that ecosystem—energy and finance. In the past 25 years, we have not had a leader who has the courage to take far-reaching decisions as he has taken—the removal of fuel subsidy, the unification of the multiple exchange rates, and the tax reforms,” Shettima told executives from Vitol Group, the world’s largest independent commodity trader.
He urged investors to capitalize on Nigeria’s gas potential, stating, “The world is changing, and ours is actually a gas and not an oil economy. We have the eighth largest gas reserve in the world.”
Vitol’s CFO, Jeffrey Dellapina, affirmed the company’s long-term commitment, noting its $300 million investment in NNPC’s Project Gazelle during COVID-19.
