The global cocoa industry, worth approximately $200 billion annually, sees West Africa, the region responsible for 75% of the world's cocoa supply, making less than $10 billion from it. In light of this, HRM Oba Dokun Thompson Gureje IV, Oloni of Eti-Oni, Osun state Nigeria, and Founder of International Cocoa Diplomacy, emphasized the untapped potential for increasing the value of cocoa. He highlighted that while cocoa, like coffee, is produced in Africa, its true value lies not only in export as raw materials but also in its consumption, even at the farm gate, which is yet to be fully understood, appreciated, and embraced in Africa.
Oba Thompson made these remarks during the Nigerian British Chamber of Commerce (NBBC) 2023 Trade Mission to the UK, held in London. He expressed his belief that the new Nigerian government, focused on positioning Nigeria as the economic powerhouse and business hub of Africa, will harness the opportunities within the agriculture sector, recognizing its immense potential for production, processing, and manufacturing. With Nigeria's extensive landmass, favorable climate conditions, and a young workforce, the agricultural sector offers significant opportunities. Oba Thompson highlighted the need for innovation and a clear understanding of the Nigerian market, which is the largest in Africa.
Furthermore, Oba Thompson pointed out specific opportunities within Nigeria's agriculture sector, such as cocoa production in certain parts of the Northern region where farmers lack sufficient buyers, thereby creating an opportunity for investment. He also highlighted the untapped potential in poultry and cattle farming, urging investors to establish modern ranches to meet the country's demand. He emphasized that the ease of doing business in Nigeria has improved, and challenges related to land tenure can be effectively managed with proper understanding and consent from the traditional landowners.
Additionally, Oba Thompson highlighted the importance of trade and business partnerships, referencing recent changes in the UK government's departments responsible for international trade and business. He emphasized the need for increased trade and investment in Nigeria, as the country seeks willing partners and technical collaboration.
In summary, Oba Thompson underscored the vast potential within Nigeria's agriculture sector, particularly in cocoa production, poultry farming, and cattle ranching. He emphasized the need for innovative approaches, understanding the Nigerian market, and establishing trade and investment partnerships to unlock the country's economic potential.
