Business
Nigeria To Revive Cocoa Industry, Says Shettima
The Federal Government has pledged to revive Nigeria’s cocoa industry and revitalise the entire agricultural value chain across the country.
Vice-President Kashim Shettima made the commitment on Monday while receiving a delegation from the World Cocoa Foundation (WCF) at the Presidential Villa in Abuja.
The News Agency of Nigeria (NAN) reports that the delegation was led by the WCF President, Chris Vincent.
Shettima reaffirmed President Bola Tinubu’s administration’s commitment to transforming Nigeria from a cocoa producer into a global cocoa processor.
He noted that the Federal Executive Council (FEC) had approved the creation of a National Cocoa Management Board (NCMB) to support the sector’s revival.
According to him, the administration is focused on promoting sustainable cocoa farming and forest preservation, aiming to add value through processing.
“We must walk the talk. Nigeria once ranked among the world’s top cocoa producers, but oil shifted our focus.
“We can restore that glory. The President is determined to revive cocoa and all agricultural value chains nationwide,” Shettima said.
He stated that cocoa prices have soared globally and that the Renewed Hope Agenda is Nigeria’s chance to reposition the industry.
“At the last FEC meeting, we approved the NCMB to help revitalise cocoa production and strengthen the entire value chain,” he said.
He emphasised the need for Nigeria to begin processing cocoa rather than merely exporting raw beans.
Shettima told the WCF team that Nigeria has a large pool of capable, youthful manpower ready to engage in agriculture.
“We don’t just want to be producers. A tonne of cocoa earns $9,000, but processed cocoa can fetch $30,000.
“If transformed into chocolate bars, returns can go up to $50,000. That’s significant added value.
“We have the population. The average Nigerian is 17 years old — young, energetic, and eager to work given the right opportunity.
“This is heartfelt. We’re eager to partner with your organisation to achieve these goals,” he said.
Shettima disclosed he is personally establishing a cocoa farm to lead by example and encourage others.
Read also: Aiyedatiwa calls for joint action to boost cocoa production
He explained that his motivation was not profit, but a commitment to improving social welfare through employment creation.
“I want to walk the talk. It’s not about profit, but about creating jobs and improving livelihoods.
“You’re welcome to visit my farm. You’ll see that Nigeria’s leadership is actively involved and committed to driving this initiative,” he said.
Shettima assured Nigeria’s willingness to work with WCF, and said he would engage Taraba State’s governor to secure 10,000 hectares for cocoa development.
This land, he said, would support WCF and other partners in expanding investment in the cocoa sector.
Earlier, Vincent expressed WCF’s readiness to partner with Nigeria in line with the European Union’s sustainable cocoa regulations.
“We face a global cocoa shortage. Prices have quadrupled in the last three years.
“We’re seeking new, sustainable cocoa sources. WCF represents the entire global supply chain, including top chocolate and cocoa manufacturers.
“We align with industries that aim for sustainable growth. Nigeria’s ambition to grow cocoa is very promising.
“The time is now. With current supply deficits, the next two to three years present real growth opportunities,” Vincent stated.
Businessday.ng
Fresh petrol depot prices have emerged across Nigeria as marketers adjust to rising crude oil prices and renewed tensions in the Middle East.
The latest pricing changes come amid growing uncertainty in the global energy market following fresh military exchanges between the United States and Iran near the Strait of Hormuz, one of the world’s most important oil transit routes.
ndustry data tracked by PetroleumPriceNG and monitored by Legit.ng show that depot owners raised their Premium Motor Spirit (PMS) prices as a protective measure against potential losses linked to volatile international oil prices.
Global crude oil prices climbed during early trading on Wednesday, June 10, 2026, after the United States launched strikes on Iranian military infrastructure near the Strait of Hormuz.
As of 5:08 a.m. WAT, Brent crude rose by 1.03% to $92.39 per barrel, while the U.S. West Texas Intermediate (WTI) crude gained 0.91% to trade at $89.00 per barrel, according to a report by Oilprice.com
The market rally followed reports that American forces targeted Iranian air defence systems, radar installations and surveillance facilities after Washington accused Tehran of bringing down a U.S. Army Apache helicopter operating within the region.
The U.S. Central Command described the strikes as a defensive response. However, Iran denied responsibility for the helicopter incident and accused the United States of escalating tensions unnecessarily. The development has raised fears of a broader regional conflict that could disrupt global crude oil supplies.
Checks across fuel depots nationwide show that marketers have adjusted their petrol prices upward in response to the changing global market conditions.
According to the latest data: AIPEC now sells petrol at N1,247 per litre RainOil Lagos sells at N1,248 per litre Integrated depot price stands at N1,247 per litre Liquid Bulk has also fixed its price at N1,248 per litre Industry experts say the latest adjustments are largely precautionary as marketers attempt to shield themselves from potential losses should crude oil prices continue to rise.
The cost of importing petrol into Nigeria has dropped sharply following the recent decline in global crude oil prices, creating fresh competition for local refiners, including the $20 billion Dangote Refinery.
New data released by the Major Energy Marketers Association of Nigeria (MEMAN) shows that the landing cost of imported Premium Motor Spirit (PMS), also known as petrol, has fallen to N1,117 per litre.
The figure is now significantly lower than Dangote Refinery’s gantry price of N1,250 per litre, leaving a difference of N133 per litre.
The development comes days after the mega refinery reduced its ex-depot petrol price from N1,275 to N1,250 per litre in response to changing market conditions.
The latest MEMAN pricing template suggests that fuel importers may now enjoy a competitive edge over domestic refiners as international crude prices continue to soften. Aside from petrol, the landing costs of other petroleum products also recorded notable declines.
According to the data, diesel landing cost dropped to N1,470 per litre, compared to Dangote Refinery’s price of N1,700 per litre. Aviation Turbine Kerosene (ATK), commonly known as aviation fuel, also fell to N1,426 per litre, while Dangote’s price remains N1,650 per litre.
MEMAN estimated the exchange rate for fuel imports at N1,366.85 per dollar, reflecting the prevailing official foreign exchange rate at the time of the calculation.
Some filling stations along the Lagos-Ibadan Expressway and in other locations across Lagos and Ogun states have reduced petrol prices below N1,300 per litre.
This follows a price cut announced by the Dangote Petroleum Refinery on Sunday.
The refinery adjusted its ex-depot gantry price of petrol down to N1,250 per litre from N1,275 per litre, while also slashing the price of diesel to N1,700 per litre from N1,800 per litre.
According to Dangote officials, the price review reflects a recent decline in global oil prices and reinforces the company’s commitment to making refined products more affordable while providing cost relief to Nigerian consumers and businesses.
Following the announcement, observations across the Mowe/Ibafo axis of the Lagos-Ibadan Expressway in Ogun State showed that several independent marketers immediately adjusted their pumps. For instance, MRS filling stations reduced their petrol pump price to N1,286 per litre, NIPCO and Heyden retailed the product at N1,290 per litre, and SGR adjusted its price to N1,297 per litre.
Reductions were also recorded in the diesel market, with many filling stations dropping their prices to N1,800 per litre from the previous N1,900 per litre.
Despite these downward adjustments, many retail outlets still sell petrol above the N1,300 mark. Outlets operated by the Nigerian National Petroleum Company Limited (NNPC) in Ibafo adjusted their pumps to N1,305 per litre, while Mobil and Asharami sold the product at N1,310 and N1,320 per litre, respectively.
The overall price drop comes after a prolonged period of high fuel costs in Nigeria, which saw petrol skyrocket from N830 per litre to over N1,300 after global crude oil climbed past $115 per barrel due to tensions between the United States and Iran.
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