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Providing employment for a large section of the population, agriculture remains a major source of economic activity in Nigeria. Nigeria produced 242 000 tonnes of cocoa in 2008. The National Cocoa Development Committee (NCDC), made up of the 14 cocoa producing states in the country, has distributed new high yield cocoa seedlings to cocoa farmers, and continues to allow the purchase of chemicals and inputs at 50% subsidy.
Cocoa ( Theobroma cacao L. ) is a native of Amazon region of South America. The bulk of it is produced in the tropical areas of the African continent. There are over 20 species in the genus but the cocoa tree Theobroma cacao is the only one cultivated widely.
Cocoa is the second major non-oil foreign exchange earner in Nigeria after leather. It is produced in fourteen {14} states of the federation namely Ondo,Cross River, Oyo, Osun, Ekiti, Ogun, Edo, Kogi, Akwa Ibom, Delta, Abia, Kwara, Ebonyi and Rivers with an annual production rate of 400,000 metric tons {MT}.
Over 98% of the product is exported and it's provides means of livelihood and employment to over five million {5,000,000} people.
In the year 2005 alone, export revenue from the sales of cocoa amounted to US $ 136.7 Million with Netherland, UK, France, Germany, Spain, Italy, USA and Japan being the major export destination. Other emerging markets include China and India.
South West Nigeria is regarded as the cocoa belt of the country, accounting for 70 per cent of Nigeria's annual production of 242,000 metric tonnes in 2008.
Global production of cocoa is concentrated effectively in the regions between 10° North and 10° south of the Equator. Traditionally, cocoa is cultivated in producing countries and sold for export in the form of beans. Importing countries then process the beans, transforming the raw goods into finished or semi-finished products (cocoa butter, cocoa liqueur, cocoa powder, etc.).
In recent years, in an effort to increase the value of exports, some producer countries, such as the Ivory Coast, Ghana, Nigeria and Brazil, have developed their own facilities for grinding beans.
World consumption is estimated at 2 800 000 tons per year. The largest cocoa importers are Europe (more than 1.2 million tons per year) and the United States (0.4 million tons per year). The largest importers are Holland, the US, Germany, Britain and Brazil.
The return on investment on the trading of cocoa beans is between 10- 15%.
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COCOA BEANS EXPORT IN NIGERIA; NON-OIL EXPORT OPPORTUNITY SERIES.
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