Nigeria’s cocoa export increased by 606% in fourth quarter of 2024
NIGERIA – The National Bureau of Statistics (NBS) has reported that Nigeria exported N1.2 trillion (US$0.78 billion) in 2024 from N171 billion (US$0.11 billion) in 2023, an increase of 606 percent in the fourth quarter of 2024.
According to the report, the country’s cocoa exports rose 92 percent from N624.71 billion (US$0.41 billion) in Q3 of 2024.
The increase, due to seasonality and unfavourable weather conditions affecting the two global bean producers, Cote d’Ivoire and Ghana, made Nigerian cocoa farmers and exporters steadily cash out from the cocoa price rally.
As a result of the price rally, new and existing farmers began reviving old cocoa trees and planting new ones to tap into the booming cash crop value chain.
Superior-quality cocoa beans worth N477.95 billion (US$0.31 billion) and N108.09 billion (US$70 million) were exported to the Netherlands and Malaysia, respectively.
In contrast, standard-quality cocoa beans worth N110.84 billion (US$72 million) and N48.96 billion (US$32 million) were exported to the Netherlands and Belgium, respectively.
Climate change threatens cocoa belt
According to new research by the Independent Research Centre Climate Central, the increase in prices is a result of rising temperatures and erratic weather patterns in Africa, which threaten sustainability.
The research states that by 2024, climate change had extended periods of extreme heat across 70% of cocoa-producing regions in Ghana, the Ivory Coast, Nigeria, and Cameroon.
The research found that these regions experienced six-week daily temperatures exceeding 32°C, exceeding the cocoa tree’s optimal threshold of 30°C to 32°C.
This heat rise contributed to tremendous water stress for cocoa plants, disrupting their natural growth cycles, making them more vulnerable to diseases, and lowering their productivity. It also led to water stress, disrupted flower development, and reduced yields.
Nigeria faced a one-week rise in extreme heat per year. While this increase is relatively lower compared to its neighboring countries, it still threatens cocoa farming, gradually affecting crop health and production stability over time.
In response to sustainability concerns, the World Cocoa Foundation (WCF) has introduced the first-ever Greenhouse Gas (GHG) Accounting Standard for Cocoa.
Developed in collaboration with environmental consultancy Quantis and key industry players, the methodology offers a standardised approach for measuring and reducing cocoa-related emissions.
This initiative aims to help cocoa companies meet their Scope 3 emissions reporting obligations by addressing key environmental factors impacting the industry.
One critical area of focus is land use change and management. As cocoa farming expands, deforestation and land degradation become significant concerns.
The methodology provides a standardised approach to measure and mitigate emissions resulting from land-use changes, ensuring sustainable agricultural practices.
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