Bloomberg News

Nigeria’s Cocoa Exports Climbed 47% Last Year, Akingbola Says

June 02, 2011

June 2 (Bloomberg) -- Exports of cocoa products from Nigeria, the fourth-largest producer of the beans, rose 47 percent to $822.8 million in 2010, according to Olakunle Akingbola, business development manager of Cobalt International Services, an inspection company.

This represented about 35 percent of $2.32 billion earnings from non-oil exports last year for Nigeria, Africa’s leading oil producer, Akingbola said by phone today from Akure in western Nigeria.

“We expect to raise earnings from cocoa to 40 percent of non-oil revenue this year,” said Akingbola, whose company inspects all Nigerian non-oil products at ports before export.

Cocoa is Nigeria’s second-biggest foreign-exchange earner after crude oil, according to figures published by the Nigerian government. The Ivory Coast, Ghana and Indonesia produce more cocoa, according to the International Cocoa Organization.

--Editors: Claudia Carpenter, John Deane

To contact the reporter on this story: Vincent Nwanma in Lagos via Accra at vnwanma@bloomberg.net.

To contact the editor responsible for this story: Antony Sguazzin in Johannesburg at asguazzin@bloomberg.net.


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