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 $50,000. That’s significant added value.
“We have the population. The average Nigerian is 17 years old — young, energetic, and eager to work given the right opportunity.
“This is heartfelt. We’re eager to partner with your organisation to achieve these goals,” he said.
Shettima disclosed he is personally establishing a cocoa farm to lead by example and encourage others.
Read also: Aiyedatiwa calls for joint action to boost cocoa production
He explained that his motivation was not profit, but a commitment to improving social welfare through employment creation.
“I want to walk the talk. It’s not about profit, but about creating jobs and improving livelihoods.
“You’re welcome to visit my farm. You’ll see that Nigeria’s leadership is actively involved and committed to driving this initiative,” he said.
Shettima assured Nigeria’s willingness to work with WCF, and said he would engage Taraba State’s governor to secure 10,000 hectares for cocoa development.
This land, he said, would support WCF and other partners in expanding investment in the cocoa sector.
Earlier, Vincent expressed WCF’s readiness to partner with Nigeria in line with the European Union’s sustainable cocoa regulations.
“We face a global cocoa shortage. Prices have quadrupled in the last three years.
“We’re seeking new, sustainable cocoa sources. WCF represents the entire global supply chain, including top chocolate and cocoa manufacturers.
“We align with industries that aim for sustainable growth. Nigeria’s ambition to grow cocoa is very promising.
“The time is now. With current supply deficits, the next two to three years present real growth opportunities,” Vincent stated.
Businessday.ng
The Nigerian currency, Naira (₦), continued its battle against the United States dollar at the official foreign exchange market on Saturday.
Daily Voice reports that data from the Central Bank of Nigeria (CBN) showed that the local currency sold at ₦1,321.2160/1$ on Sunday.
The latest rate is the same as Saturday’s rate of ₦1,321.2160/1$.
At the parallel market (black market), however, the naira closed on Sunday at ₦1,400 to the dollar.
The offers by commercial banks, Bureau de Change (BDC) operators, and other foreign exchange dealers may, however, differ from the reference rates due to transaction margins and prevailing demand and supply conditions.
Market participants will continue to monitor foreign exchange inflows, demand for dollars, and CBN policies for indications of whether the naira can sustain its gains through the month.
Cement prices in Nigeria remain elevated, with a 50kg bag selling for between ₦12,000 and ₦15,000 in many markets, putting further pressure on builders, contractors and Nigerians planning construction projects.
The latest market data shows that although some brands are currently available below the ₦15,000 mark, the industry remains significantly more expensive than it was at the end of 2025 and early 2026.
Recent market quotations show the following indicative prices for a 50kg bag:
Note: prices may vary by location and transportation costs.
These figures are based on a September 1 market report and can vary depending on location, transportation costs, dealer margins and supply conditions.
However, July industry data painted a more expensive picture. CementNet reported retail prices of ₦12,000 to ₦15,000, with Dangote selling for about ₦13,000–₦15,000, BUA at ₦12,000–₦14,500, and HBM Nigeria, formerly Lafarge Africa, at ₦12,000–₦13,500.
The latest figures suggest that cement prices may have eased from the highest quotations seen earlier in the year, but the broader trend remains upward.
In July, The Guardian reported that a 50kg bag typically sold for ₦12,500–₦15,000 across major markets including Lagos, Abuja and Abia.
The Federal Competition and Consumer Protection Commission (FCCPC) also reported that prices had reached between ₦13,000 and ₦15,000 in some locations during the first half of 2026.
This means the current ₦12,000–₦14,000 quotations for several major brands should be viewed as some market-level moderation rather than a broad collapse in cement prices.
Why cement remains high
High energy and transportation costs continue to weigh heavily on the industry. Cement manufacturing requires significant amounts of energy, while moving cement from factories and depots to retail markets adds further costs.
Location is also playing an important role. Buyers in areas farther from production centres can pay substantially more because of haulage and distribution expenses.
The situation is particularly significant because Nigeria has substantial cement production capacity, yet retail prices remain high. The Guardian reported that domestic production exceeds consumption, with surplus output exported to neighbouring countries.
Nigerian civil servants on Grade Level 8 now earn between N1,479,276 and N1,914,514 annually, depending on their step within the scale, following the new minimum wage signed under President Bola Tinubu’s administration.
The figures fall under the Consolidated Public Service Salary Structure (CONPSS), the framework that governs pay across Nigeria’s federal civil service.
CONPSS covers 17 grade levels in total, and a worker’s position within each level is shaped by their qualifications, length of service, and performance record.
Grade Level 8 has 14 steps, with each step representing a progression in earnings. Below is the full breakdown:
The gap between the lowest and highest steps at this level amounts to N435,238, reflecting how significantly length of service can affect take-home pay within a single grade.
Interest in the salary structure has grown since Tinubu’s government approved a new national minimum wage, which triggered a review of earnings across the public sector. Civil servants and job seekers have been keenly examining each grade level to understand what the adjusted structure means in practical terms.
Workers at Grade Level 8 are typically mid-level employees with some years of experience in the civil service. Their earnings sit above the entry-level grades but below the senior cadre, making this level a reference point for many who are planning career progression within the federal workforce.
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