The global cocoa industry boasts an annual value of $200 billion, with West Africa, responsible for 75 percent of the world's cocoa supply, earning less than $10 billion annually from it. This revelation came from Abba Bello, the managing director of the Nigerian Export-Import Bank (NEXIM), during a press briefing announcing the International Cocoa and Chocolate Forum (ICCF) 2024, scheduled for January 9th in Abuja and January 11th in Lagos.

Bello, represented by Tayo Omidiji, the general manager/head of strategy and corporate communications at NEXIM Bank, emphasized the importance of collective efforts from stakeholders, including policymakers, researchers, the organized private sector, and financial institutions. The goal is to discuss strategies that attract investments and address various challenges hindering the vast potential of the Nigerian cocoa industry.

"It is instructive to note that the cocoa industry (including beans, cake, chocolate, etc.) is worth $200 billion annually, out of which the entire West African producing region (made up of Cote d’Ivoire, Ghana, Cameroon, and Nigeria), which accounts for about 70-75 percent of the global output, earns only $10 billion."