The Bank of Industry (BOI) has unveiled an €85 million long-term financing facility aimed at expanding local cocoa processing, reducing Nigeria’s dependence on raw bean exports and strengthening value addition across the cocoa value chain.
The commitment was announced on by the managing director and chief executive officer of BOI, Dr Olasupo Olusi, during the Cocoa Value Addition Summit 2026 in Abuja.
Speaking at the summit, themed ‘From Bean to Brand’, Olusi said the bank’s financing strategy would prioritise value addition over the export of raw agricultural commodities.
The €85 million facility is being provided through a partnership between the European Investment Bank (EIB) and the Bank of Industry, with funding support from the European Union under its Global Gateway initiative.
Olusi said the bank is placing particular emphasis on developing Nigeria’s cocoa value chain because of its importance to rural livelihoods, saying that “we are particularly focused on cocoa value chains, which provide livelihoods for thousands of Nigerians.”
He added that the financing initiative is intended to improve productivity, encourage value addition and strengthen access to markets, ultimately increasing earnings for farmers and processors.
According to Olusi, about 70 per cent of the €85 million financing facility will be channelled to Nigeria’s cocoa and dairy sectors, which BOI considers among the industries with the greatest potential to create jobs and retain foreign exchange earnings.
He argued that Nigeria continues to lose significant economic value by exporting raw cocoa beans instead of processing them into finished products such as chocolate.
“To address this, BOI will not only provide financing but also technical support to help beneficiaries comply with international quality, climate and sustainability requirements, including the European Union Deforestation Regulation (EUDR),” he said.
Olusi said BOI’s long-term objective is to encourage the establishment of processing factories within cocoa-producing communities so that jobs, taxes and greater economic value remain in Nigeria.
He added that increasing local processing could enable Nigeria to earn as much as $30,000 per tonne from processed cocoa products, compared with about $9,000 per tonne from exporting raw cocoa beans.
Also speaking, permanent secretary of the Federal Ministry of Industry, Trade and Investment, Dr. Chris Isokpunwu, represented by the ministry’s director of Industrial Development, Mohammed Bala, said more than 80 per cent of Nigeria’s cocoa is still exported as raw beans despite the industry’s vast processing potential.
He noted that expanding domestic processing would boost export earnings, create employment and stimulate industries such as confectionery, cosmetics and pharmaceuticals.