The Bank of Industry (BOI) has secured a €60 million credit facility from the European Investment Bank (EIB) to accelerate value addition across Nigeria’s cocoa industry, with financing targeted at local processing, ingredient manufacturing and chocolate production rather than the export of raw cocoa beans.
Managing Director and Chief Executive Officer of BOI, Dr. Olasupo Olusi, announced the financing at the Africa Cocoa Summit, also known as the Cocoa Value Addition Summit, held in Abuja.
The summit, themed “From Bean to Brand,” convened government officials and industry stakeholders from Nigeria, Ghana, Côte d’Ivoire and Cameroon to chart a new course for Africa’s cocoa industry.
Olusi said the €60 million credit forms part of a broader €85 million EIB-BOI financing package backed by the European Union under its Global Gateway initiative, with about 70 per cent of the total facility earmarked for Nigeria’s cocoa and dairy value chains.
He explained that the funding would prioritise processors, cooperatives and micro, small and medium-sized enterprises (MSMEs) engaged in domestic value addition, stressing that Nigeria must shift from exporting raw commodities to building processing industries capable of retaining jobs, taxes and foreign exchange within the country.
According to him, the bank will also provide technical assistance to help beneficiaries meet international quality, climate and sustainability standards, including compliance with the European Union Deforestation Regulation, thereby improving access to premium export markets.
Olusi disclosed that BOI disbursed more than ₦164 billion to over 3,500 agro-processing and food manufacturing businesses in 2025, supporting factories, mills, packhouses and cold-chain infrastructure while integrating nearly 48,000 smallholder farmers into industrial value chains.
He added that the new financing would strengthen every segment of the cocoa ecosystem, from nurseries and farmer cooperatives to grinding plants, packaging facilities and chocolate manufacturers.
The summit also marked a significant step towards regional collaboration as Nigeria, Ghana, Côte d’Ivoire and Cameroon signed the Abuja Declaration establishing the Cocoa Value Addition Alliance (CVAA).
The alliance is expected to deepen cooperation among the four countries, which account for the majority of global cocoa production, while promoting local processing and stronger African participation in the global chocolate market.
President Bola Tinubu, represented by the Minister of Agriculture and Food Security, Senator Abubakar Kyari, urged African cocoa-producing nations to end their dependence on raw bean exports and focus on processing and branding to capture greater value from the global chocolate industry.
He noted that although Africa produces about 70 per cent of the world’s cocoa, it receives only a fraction of the wealth generated from finished chocolate products.
Tinubu reaffirmed the Federal Government’s commitment to expanding local processing, strengthening indigenous chocolate brands and improving Nigeria’s competitiveness in international markets.
The President also revealed that investors are developing a 70,000-tonne cocoa processing plant in Shagamu, Ogun State, while Nigeria’s annual cocoa grinding capacity has surpassed 120,000 tonnes.
Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, described cocoa value addition as central to Nigeria’s ambition of building a $1 trillion economy by 2030, noting that government policies are focused on boosting manufacturing, attracting investment and expanding market access through existing trade partnerships and the African Continental Free Trade Area (AfCFTA).
Minister of State for Industry, Senator John Owan Enoh, said the newly formed Cocoa Value Addition Alliance would enable member countries to secure a larger share of global cocoa revenues by promoting regional cooperation, industrial processing and the development of globally competitive African cocoa brands.
Also speaking, Chief Executive of the Ghana Cocoa Board (COCOBOD), Dr. Ransford Abbey, called for greater investment, technology transfer and collaboration among cocoa-producing countries, warning that Africa’s continued export of raw beans leaves the continent with less than 10 per cent of the wealth generated by the global chocolate industry.
The Head of Cooperation of the European Union Delegation to Nigeria and ECOWAS, Mr. Massimo De Luca, reaffirmed the EU’s support for the initiative, urging participating governments to strengthen policy and regulatory frameworks needed to unlock the full benefits of local cocoa processing and regional value addition.
