Amid rising cocoa production and exports, Nigeria’s shipments of the commodity to Belgium in 2024 surpassed crude oil, the country’s main export product, according to Belgian Ambassador to Nigeria, Pieter Leenknegt.
Nigeria’s cocoa export revenue has surged, driven by the naira’s devaluation, renewed global demand, and climatic challenges in top producers Ivory Coast and Ghana, which have reduced their output.
Data from the National Bureau of Statistics (NBS) shows cocoa exports rose by 606 per cent in the fourth quarter of 2024, from ₦171 billion in the same period of 2023 to ₦1.2 trillion. The upward trend has continued, with ₦1.32 trillion generated from cocoa exports in the first quarter of 2025, representing 77 per cent of the total agricultural export value of ₦1.70 trillion.
Ambassador Leenknegt noted that the shift marks a diversification opportunity for Belgium’s trade with Nigeria. “Nigeria’s exports to Belgium have historically been mostly crude oil. Now, that is no longer true in 2024, because cocoa has overtaken crude oil as the main product of export to Belgium,” he said.
Experts attribute the shift less to higher domestic production and more to the naira’s depreciation, which has encouraged farmers and traders to prioritise exports for better foreign exchange returns. While some cocoa processing companies produce finished goods such as chocolate locally, many exporters now opt to sell raw cocoa abroad for greater profit.
Leenknegt added that Belgium’s trade relations with Nigeria in 2025 will focus on agriculture and health, while refined petroleum imports from Belgium to Nigeria are on the decline — a trend likely to continue as the Dangote Refinery expands operations.
