• Nigeria sees a rise in cocoa-related investments as global prices remain high
• New projects aim to boost production and build large-scale plantations
• A national cocoa board is set to support regulation and modernization

Nigeria, the world’s fourth-largest cocoa producer, is attracting more private investment as global cocoa prices continue to surge. On May 15, Starlink Global & Ideal Limited and Petaguls Cultivars & Seedling Technologies partnered with the South West Agricultural Company Limited (SWAgCo) to launch a cocoa farm development project in the country’s southwest.

The joint venture will establish a 1,000-hectare industrial cocoa plantation, starting with 100 hectares in the initial phase. The five-year project is valued at NGN4.5 billion (about $2.8 million), according to local media reports.

This is one of several initiatives that have emerged since early 2024. In Enugu State, WhiteRabbit Agro Limited began work on a 100-hectare cocoa farm in partnership with the state government. Meanwhile, Johnvents Industries Limited secured $40.5 million in financing to double its cocoa-bean processing capacity to 30,000 tons per year. In December 2024, Starlink Global also announced a $4.5 million investment in two 10,000-hectare plantations for cocoa and cashew cultivation.

These projects could significantly boost Nigeria’s average cocoa output, which has hovered around 300,000 tons annually over the past five years. The surge in investment coincides with a steep rise in cocoa prices. On May 19, prices hit $10,970 per ton on the Intercontinental Exchange in New York, more than double the $5,367 per ton recorded on May 20, 2024.

Investor interest may grow further following the government’s approval on May 5 of a bill establishing the National Cocoa Management Board (NCMB). The board is expected to oversee regulation, modernize industry practices, and improve coordination among stakeholders. If successful, it could help Nigeria increase its role in the global cocoa market and gain more value from its domestic production.