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Nigeria to benefit from $67b cocoa market




The Nigerian government is working round the clock to benefit from the projected $67.22 billion global cocoa market this year according to reports.

The  cash projection, it was gathered, covers between the year 2020 and 2025.

A senior official of the Nigerian Export Promotion Council (NEPC), who craved annonimity, said President Muhammadu Buhari is collaborating with the governors of cocoa producing states and other stakeholders to reposition the industry so that the country could benefit from the multibillion dollars global cocoa market and chocolate market this year.

NEPC is an agency of the Federal Government saddled with the development and promotion of non-oil exports.

“The global cocoa market size was $43.13 billion 2018 and is anticipated to be worth $67.22 billion in the next five years.

With its demand from the chocolate confectionery sector, the global market is expected to rise at a healthy CAGR (compound annual growth rate) of 5.7 per cent during the forecast period.