What's Happening?
The International Cocoa Diplomacy (ICD) has called for collaborative efforts to improve the quality of cocoa production and increase the value of cocoa exports. At a press conference with the Lagos Chamber of Commerce & Industry (LCCI), ICD Convener HRM
Queen Angelique-Monet Thompson highlighted that Africa produces approximately 70% of the world's cocoa, yet less than 2% is processed into finished goods like chocolate. The ICD aims to bridge this gap through strategic partnerships, knowledge transfer, and market development. The upcoming Lagos International Trade Fair, featuring the EKO Chocolate Show, will serve as a platform to demonstrate the potential of collaboration in enhancing global trade and transforming the economy.
Why It's Important?
The initiative by ICD is significant as it addresses the disparity between Africa's cocoa production and its processing into high-value products. With the global chocolate market valued at $140.12 billion and projected to grow, there is a substantial opportunity for African countries to increase their share in the chocolate manufacturing sector. This could lead to economic growth, increased revenue for farmers, and a stronger presence in international markets. The focus on ethically sourced cocoa aligns with consumer preferences, potentially boosting demand for African chocolate products and fostering sustainable economic development.
What's Next?
The EKO Chocolate Show 2025, part of the Lagos International Trade Fair, will feature a world-class chocolate exhibition, a Stakeholders Forum, and the Royal Cocoa International Film Festival. These events aim to position Lagos as Africa's chocolate and trade capital, offering sponsors and partners opportunities to associate with African excellence and innovation. The fair will also include a Chocolate Marketplace, innovation hub, and cultural heritage zone, providing a comprehensive platform for showcasing premium products and fostering international commerce.
Beyond the Headlines
The efforts to enhance cocoa production and processing in Africa could lead to long-term shifts in the global chocolate industry. By increasing the value-added segment of cocoa production, African countries can improve their economic standing and reduce dependency on raw cocoa exports. This initiative also highlights the importance of cultural diplomacy and agricultural innovation in driving economic development and international trade.
