An agro-investor and business consultant, Dominic Joshua, has called for more investment in agriculture to help the nation’s economy.
In a statement he signed on Wednesday, Joshua said agriculture, especially cocoa and its value chain, holds untapped potential to revive the economy, create jobs, boost exports, and stabilise the national income.
The statement reads, “Nigeria stands at a critical crossroads. With inflation surging, foreign exchange markets under pressure, and the economy grappling with the aftershocks of subsidy removals and policy instability, the question on every business leader’s mind is: Where do we go from here?
“As a cocoa entrepreneur and business consultant, the answer is simple—we go back to the roots. Agriculture, especially cocoa and its value chain, holds untapped potential to revive our economy, create jobs, boost exports, and most importantly, stabilise our national income.
“Cocoa is more than just a cash crop; it is a strategic economic lever. Nigeria was once a global leader in cocoa production. Today, we lag behind countries like Ivory Coast and Ghana, not because of a lack of potential, but due to a neglect of value addition, policy inconsistency, and underinvestment in agro-processing.
“The global demand for chocolate and cocoa-based products continues to rise. Yet, we export raw cocoa beans instead of finished products, losing billions in potential revenue and job opportunities. Imagine the economic transformation if Nigeria processed even 50% of its cocoa locally—jobs would be created, forex would be earned, and local economies would boom.”
The expert noted that Nigeria’s current economic pulse demands a shift, saying that agribusiness is not a fallback plan but Nigeria’s future.
“We can no longer rely on crude oil as the mainstay of our economy. With the naira under pressure, cocoa offers a stable, export-driven revenue stream that can cushion forex shortages.
“Furthermore, local production reduces import dependency and supports food security.
“This is not just about cocoa. It is about a mindset shift—from consumption to production, from export of raw materials to export of finished goods, from unemployment to entrepreneurship,” he noted.
He urged the federal government to formulate the right policies and incentives that would allow more investment in cocoa and its food chain.
The business consultant also asked the government to provide structure, mentorship, and funding for young entrepreneurs who want to enter agribusiness.
He added, “The cocoa value chain is vast—from farming and warehousing to processing, packaging, and export. With the right policies and incentives, cocoa can become a bedrock of Nigeria’s non-oil exports. Investing in agro-industrial clusters, providing credit access to farmers, and establishing processing zones will not only generate employment but also reduce our dependency on imported goods.
“Government must focus on infrastructure, power, and logistics, while the private sector drives innovation, investment, and marketing. The government should initiate policy reform which will streamline export processes, reduce bottlenecks, and incentivise local production.
“It should grant access to credit which will establish agribusiness funds with low-interest loans targeted at cocoa farmers and processors.
“Also, the government should provide technical training which will build capacity at every level of the cocoa value chain and public awareness which will promote agribusiness as a viable and profitable career for young Nigerians.”