What's Happening?
The International Cocoa Diplomacy (ICD) is advocating for improved cocoa production and export value in Africa. At a press conference with the Lagos Chamber of Commerce & Industry (LCCI), ICD Convener HRM Queen Angelique-Monet Thompson highlighted that
Africa produces 70% of the world's cocoa but processes less than 2% into finished goods like chocolate. The upcoming Lagos International Trade Fair aims to showcase the potential of collaboration and partnership in enhancing global trade and economic transformation. The EKO Chocolate Show 2025, a key event at the fair, will focus on bridging the gap between Africa's cocoa production and chocolate manufacturing through strategic partnerships and market development.
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. By increasing the processing of cocoa into chocolate, Africa could significantly boost its economic value and create more sustainable economic growth. The premium chocolate segment is growing, with a 7.2% annual increase, and 83% of consumers prefer ethically sourced cocoa, presenting a substantial opportunity for African cocoa producers. This could lead to increased revenue for farmers and position Nigeria as a key player in the global chocolate market.
What's Next?
The Lagos International Trade Fair will feature various exhibitions, including a world-class chocolate exhibition, Stakeholders Forum, and the Royal Cocoa International Film Festival. These events aim to create Africa's first integrated chocolate-culture-commerce platform, positioning Lagos as the continent's chocolate and trade capital. The fair will also include a Chocolate Marketplace, innovation hub, and cultural heritage zone, offering opportunities for sponsors and partners to associate their brands with African excellence and agricultural innovation.
