Cocoa Surpasses Crude Oil as Nigeria’s Top Export to Belgium in 2024

Cocoa Surpasses Crude Oil as Nigeria’s Top Export to Belgium in 2024

By Joseph Iyaji

Lagos, Nigeria – 11 August 2025 – In a significant shift in trade dynamics, cocoa has overtaken crude oil as Nigeria’s primary export to Belgium in 2024, according to the Belgian Ambassador to Nigeria, Pieter Leenknegt. This development marks a notable change in the long-standing trade relationship between the two nations, traditionally dominated by crude oil.

The surge in Nigeria’s cocoa exports has been driven by a combination of naira devaluation and increased global demand, exacerbated by climatic challenges in Ivory Coast and Ghana, the world’s leading cocoa producers. These challenges have reduced their production capacities, creating opportunities for Nigerian exporters. According to the National Bureau of Statistics (NBS), cocoa exports soared by 606 per cent in the fourth quarter of 2024, rising from ₦171 billion in Q4 2023 to ₦1.2 trillion in Q4 2024. The momentum continued into 2025, with cocoa exports generating ₦1.32 trillion in the first quarter, accounting for 77 per cent of Nigeria’s total agricultural exports of ₦1.70 trillion during the period.

Speaking in an exclusive interview with PREMIUM TIMES, Ambassador Leenknegt highlighted the opportunity for Belgium to diversify its trade with Nigeria. “Nigeria’s exports to Belgium have historically been mostly crude oil. Now, that is no longer true in 2024, because cocoa has overtaken crude oil as a main product of export to Belgium,” he said. Belgium emerged as a top destination for Nigerian cocoa in 2024, reflecting the commodity’s growing significance.

However, experts note that the increase in cocoa exports is primarily driven by the naira’s devaluation, which has made exporting more financially attractive for farmers and traders, rather than a significant rise in production. Despite the presence of cocoa processing companies in Nigeria that produce finished products like chocolate, many farmers prefer to export raw cocoa to capitalise on foreign exchange earnings.

On broader trade relations, Mr Leenknegt emphasised a shift in focus, stating, “I often tell Nigerians and Belgians alike, Belgian-Nigerian relations in 2025 are going to be about agriculture and health.” He also noted a decline in Nigeria’s imports of refined petroleum from Belgium, attributing this trend to the operational impact of the Dangote Refinery, which is reducing Nigeria’s reliance on foreign fuel supplies.

As Nigeria continues to leverage its cocoa industry to boost foreign exchange earnings, the shift in export priorities to Belgium signals a potential diversification of the nation’s trade portfolio, with agriculture playing an increasingly vital role.

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