By  Dr Dominic Joshua

Nigeria stands at a critical crossroads. With inflation surging, foreign exchange markets under pressure, and the economy grappling with the aftershocks of subsidy removals and policy instability, the question on every business leader’s mind is: Where do we go from here?

As a cocoa entrepreneur and business consultant, my answer is simple—we go back to the roots. Agriculture, especially cocoa and its value chain, holds untapped potential to revive our economy, create jobs, boost exports, and most importantly, stabilize our national income.

The Cocoa Opportunity

Cocoa is more than just a cash crop; it is a strategic economic lever. Nigeria was once a global leader in cocoa production. Today, we lag behind countries like Ivory Coast and Ghana, not because of a lack of potential, but due to a neglect of value addition, policy inconsistency, and underinvestment in agro-processing.

The global demand for chocolate and cocoa-based products continues to rise. Yet, we export raw cocoa beans instead of finished products, losing billions in potential revenue and job opportunities. Imagine the economic transformation if Nigeria processed even 50% of its cocoa locally—jobs would be created, forex would be earned, and local economies would boom.

Economic Resilience Through Value Chains

The cocoa value chain is vast—from farming and warehousing to processing, packaging, and export. With the right policies and incentives, cocoa can become a bedrock of Nigeria’s non-oil exports. Investing in agro-industrial clusters, providing credit access to farmers, and establishing processing zones will not only generate employment but also reduce our dependency on imported goods.

As a business consultant, I see an increasing interest from young entrepreneurs who want to enter agribusiness but lack the right structure, mentorship, and funding. A public-private partnership model can bridge this gap. Government must focus on infrastructure, power, and logistics, while the private sector drives innovation, investment, and marketing.

Why Now?

Nigeria’s current economic pulse demands a shift. We can no longer rely on crude oil as the mainstay of our economy. With the naira under pressure, cocoa offers a stable, export-driven revenue stream that can cushion forex shortages. Furthermore, local production reduces import dependency and supports food security.

This is not just about cocoa. It is about a mindset shift—from consumption to production, from export of raw materials to export of finished goods, from unemployment to entrepreneurship.

The Way Forward

Policy Reform: Streamline export processes, reduce bottlenecks, and incentivize local production.

Access to Credit: Establish agribusiness funds with low-interest loans targeted at cocoa farmers and processors.

Technical Training: Build capacity at every level of the cocoa value chain.

Public Awareness: Promote agribusiness as a viable and profitable career for young Nigerians.

In Conclusion

Agribusiness is not a fallback plan; it is Nigeria’s future. If we take deliberate steps today, we can transform cocoa from a forgotten commodity into a currency of economic stability.

Let us invest in what we have. Let us process what we grow. Let us build a Nigeria that grows its wealth and nourishes its people.

Dr. Dominic Joshua is the Managing Director of Cultivate Africa and an agro-investor and business consultant.