 has launched an €85 million financing facility to boost Nigeria’s cocoa processing industry.){kind=link}
BoI Launches €85m Facility to Boost Cocoa Processing
The Bank of Industry (BoI) has launched an €85 million financing facility to boost Nigeria’s cocoa processing industry, reduce reliance on raw bean exports, and strengthen value addition across the cocoa value chain.
Announcing the initiative at the Cocoa Value Addition Summit 2026 in Abuja, BoI Managing Director Dr. Olasupo Olusi said the bank’s strategy prioritises value addition over raw commodity exports.
“We are particularly focused on cocoa value chains, which provide livelihoods for thousands of Nigerians. Through this initiative, we aim to enhance productivity, value addition, and market linkages that will directly improve the incomes of farmers and processors,” Olusi stated.
The facility is being provided in partnership with the European Investment Bank (EIB) and supported by the European Union’s Global Gateway initiative.
About 70% of the funds will be channelled to cocoa and dairy sectors, identified as high-potential industries for job creation and foreign exchange retention.
Olusi explained that Nigeria loses significant value by exporting raw beans instead of processed products like chocolate.
He said local processing could earn up to $30,000 per tonne, compared with $9,000 per tonne from raw exports.
BoI will also provide technical support to help firms meet international quality and sustainability standards, including compliance with the EU Deforestation Regulation (EUDR).
The bank plans to create financing windows for smallholder farmers in cooperatives, offering concessionary loans to improve access to funding and encourage the establishment of processing factories within cocoa-producing communities.
Representing the Ministry of Industry, Trade and Investment, Dr. Chris Isokpunwu noted that over 80% of Nigeria’s cocoa is still exported raw, stressing that expanded domestic processing would boost earnings, create jobs, and support industries such as confectionery, cosmetics, and pharmaceuticals.
The initiative comes amid global cocoa price volatility. Prices fell from nearly $11,000 per tonne in 2025 to about $4,197 in February 2026, before rebounding by 24% in May.