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Nigeria Cocoa Exports Jumps By 300% From ₦‎161.8 Billion To ₦‎644 Billion

The Nigerian cocoa industry has experienced a recent surge in demand and profitability, with data indicating that the country’s annual cocoa volume of 250,000 tonnes is now valued at over $6 billion.

Adding to the cocoa industry’s sweet success, Nigerian cocoa farmers and exporters had a bountiful first half of 2024, earning an estimated N644 billion from the export of cocoa beans, according to data from the National Bureau of Statistics (NBS).

Nigeria’s cocoa exports saw a 298 percent growth in the first half of 2024, reaching N644 billion compared to N161.8 billion in the same period of 2023.

The surge in exports has been attributed to an increase in the price of the key ingredient in chocolate production. Prices have more than tripled since the start of the year, with a new historic high of $8,246 per tonne recorded on November 27, as reported by the International Cocoa Organisation (ICCO).

Poor weather conditions in the world’s top cocoa-producing nations, Ivory Coast and Ghana, have wreaked havoc on harvests, causing a shortage in cocoa supply.

However, in a silver lining moment for Nigerian farmers, their cocoa exports skyrocketed due to the devaluation of the Naira, which fell to as low as N1,675 against the US dollar, as reported by FMDQ. This devaluation made Nigerian cocoa exports relatively cheaper, giving farmers a lucrative edge in a cocoa market struck by scarcity.

Although the global cocoa market is currently riding a sweet wave for Nigerian farmers with prices reaching around $10,000 per tonne, the potential for Nigeria to benefit is not fully realised, as the country continues to be a minor player in the global cocoa arena. Despite once being the second-largest producer of the commodity, Nigeria has slipped to the sixth spot in the world rankings and currently contributes just five percent of the global cocoa supply.

Despite Nigeria’s diminished prominence in the cocoa production landscape, cocoa industry stakeholders continue to champion the pivotal role of cocoa in Nigeria’s economic diversification strategy.

This message was front and center at the 25th Anniversary and Awards Ceremony of Starlink Global & Ideal Ltd., a Lagos-based agricultural marketing company that specializes in the export of cocoa, cashew, sesame seeds, and other key agricultural products.

According to Adeyemi Adeniji, chief executive officer of Starlink, the cocoa industry holds the key to unlocking substantial economic growth for Nigeria.

Highlighting the significant potential of the cocoa sector, Adeniji urged the government to implement policies that encourage industrialisation via backward integration, enabling the country to capitalise on the cocoa value chain and enhance the sector’s impact on the Nigerian economy.

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Buhari Did His Best As President, Says Ooni

The Ooni of Ife, Oba Adeyeye Ogunwusi, on Thursday, commended Muhammadu Buhari for his efforts during his tenure as President of Nigeria.

In a statement shared with PUNCH Online, the monarch made the remarks during a two-day courtesy visit to the former President at his country home in Daura, Katsina State.

The visit, the statement said, provided an opportunity for meaningful discussions between the revered monarch and the former President on key issues essential to Nigeria’s continued development.

The statement quoted the monarch as saying, “He’s 30 years younger right now,” reflecting not only Ooni’s affection for the former leader but also his optimistic outlook on Buhari’s life post-presidency.

He added, “I can happily tell the whole of Nigeria that he’s living super well. When you see him, you will be completely shocked at how relaxed and vibrant he is, radiating good spirits. He looks remarkably younger than his age, and God has truly blessed him with renewed good health.”

The Ooni particularly highlighted that Buhari’s unique experiences as both a former military and civilian President, along with his significant support base in the northern regions, have the potential to ease governance challenges for the current administration.

Affected Amoxycillin Batch Not From Us - ECOMED Pharma

The Management of ECOMED Pharma Ltd, winner of the Nigerian Healthcare Excellence Award- Pharmaceutical Manufacturing Company of the Year 2023, has refuted the claims on the production of the affected amoxycillin batch with number 4C639001. It stated that the substandard batch of the product was not manufactured by the pharma company, but was unscrupulously cloned by Divine Kings Pharmaceuticals- a pharma marketing firm in Lagos.

Meanwhile, the National Agency for Food and Drugs Administration and Control (NAFDAC) had earlier issued a public notice on the recall of the affected amoxycillin batch on safety reasons, urging the public and healthcare practitioners to desist from the purchase and administration of the affected products on patients.

The agency’s public alert, which was circulated by the Directorate of Pharmaceutical Services, Lagos State Primary Health Care Board to all healthcare professionals and patients, further expatiated on the negative impacts of the recalled drugs on patients, highlighting how reports of serious adverse drug reactions were received from a hospital that reported three cases of severe adverse drug reactions from patients administered with the batch of Deekins Amoxycillin 500mg capsule.

However, the Managing Director of ECOMED, Pharm. Ekene Christopher has cleared the air on the development, describing the affected Amoxycillin with batch number 4C639001, as fake, as it does not emanate from the company.


In an exclusive interview with Pharmanewsonline, the ECOMED boss said, “We want to reiterate here that the “DEEKINS AMOXYCILLIN” with batch number 4C639001 in circulation was not produced by ECOMED PHARMA LTD. It is a fake product cloned by DIVINE KINGS PHARMA with our name on it.”

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Bet9ja Foundation Commits ₦‎500 Million To Projects Across Nigeria

The Bet9ja Foundation, the philanthropic arm of Nigeria’s leading online bookmaker, has made significant strides since its establishment in 2023, completing over 132 impactful projects across 29 states with a total investment surpassing N500 million.

In a recent release, Omotola Oronti, Marketing and Communications Manager at Bet9ja Foundation, detailed these accomplishments in the Foundation’s 2024 impact report, aptly titled “A Year of Transformative Change.” The report highlights the extensive efforts undertaken by the Foundation to uplift communities and enhance lives across the nation.

Oronti emphasized that the Foundation’s initiatives have been pivotal in advancing digital literacy and entrepreneurial skills among Nigeria’s youth, bolstering the performance of athletes on the global stage, and meeting critical medical needs through the donation of essential equipment and the provision of life-saving treatments.
In its commitment to sustainable development, the Foundation has also installed solar-powered street lights and provided access to clean, pipe-borne water in underserved rural areas.

Among the standout projects are the Graduate Employability and Enterprise Summit, Love on the Streets initiative, Fitness Festival, Market Outreach, Young Executive Program, and the Nigerian Para Powerlifter World Cup.