Ebinpawa: The Cocoa Renaissance of 2024

By Tope Fasua [Special Adviser to President Tinubu on Economic Affairs]

This discourse delves exclusively into the current state of cocoa cultivation. Across the nation, myriad other crops occasionally flourish untamed yet hold immense value.

…the inquiry we must pose, particularly in South-West Nigeria, is, “How can we forsake our agrarian roots, transform into urban dwellers, and utter ‘ebinpawa’?” Is it not glaringly apparent now that urban poverty might surpass rural destitution in Nigeria, and that neglecting our innate resources—specifically cocoa farming—impedes our advancement? Must we lease our ancestral lands and disdain the legacy of our forebears while pursuing elusive wealth, even abroad? Why do we equate agriculture with impoverishment?

I discerned his dialect. This gentleman is undoubtedly from Ondo State. My ear is attuned to accents from across Nigeria and beyond, yet I relish engaging individuals from my homeland in Lagos to learn of their odysseys thus far.

Naturally, he hails from Ondo town, as he disclosed. I jested with him about his fortune in not bearing the Number 11 tribal marks indigenous to Ondo town—aside from the fondness for 404 (go figure). He chuckled, shaking his head in rejection of the notion that his visage be etched as it was in bygone eras. I regarded his handsome, sun-kissed countenance, imagining the tribal marks’ placement. I then queried why—akin to myself—he abandoned Ondo State for Lagos or elsewhere. He deflected the inquiry, yet I discerned it was all in pursuit of prosperity, as the Americans phrase it. We all seek progress, do we not?

The dialogue with my Bolt Driver, as we traversed from the local airport towards Ikorodu Road, shifted to the Cocoa boom of 2024. I informed him that this year might surpass expectations for cocoa cultivators and traders due to drought in Côte d’Ivoire. Nigerian cocoa producers and merchants amassed $2.8 billion in 2024, a significant rise from $800 million the preceding year. This sector operates largely independent of government intervention, if any. Consequently, this wealth potentially enriched our populace. I advised the gentleman to monitor his family’s cocoa holdings, if applicable.

I noted that numerous corporate professionals resigned last year to return to familial cocoa plantations, and many prosper. A 100-kilogram bag of cocoa beans fetched an average of N1.4 million. The gentleman was astounded. He revealed his father owned a cocoa farm in Ondo town, but they leased it. I remarked that the lessee currently enjoys the prosperity. He resolved to contact his father and inquire if cocoa indeed yielded such wealth. The spirited young Bolt driver succumbed to melancholic silence, shaking his head slowly in apparent regret.

Earlier, as our discussion unfolded, I phoned my cousin in Ondo State to inquire about our family’s cocoa farm at Ita Oniyan, Akure, Ondo State. He reported most trees perished and construction commenced in and around the erstwhile farm. I recalled the farm’s overgrown state during my visit a decade ago. My cousin confirmed cocoa sold for N1,400 per kilogram (equating to N1.4 million per bag, as previously mentioned). We deliberated on revitalizing the farm. He recounted how last year, many in Ondo State scurried to rejuvenate their cocoa farms upon witnessing the sudden price surge. I recalled individuals remarking upon a truck departing Idanre, Ondo State, laden with cocoa bags, noting it contained N600 million worth. People profited significantly in that region last year, and this year holds even greater promise due to anticipated shortages from the world’s leading producer—Côte d’Ivoire—as earlier noted.

Numerous South-Western towns remain stagnated since Nigeria’s shift away from cocoa boards, which aided farmers in aggregating their yields and provided a semblance of insurance until the mid-1980s. Fortuitously, the Federal Executive Council, under President Tinubu’s leadership, reinstated the Board weeks ago. We anticipate a future where cocoa farmers resume their roles as principal drivers of local economies in the South-West, extending to Cross River State.

Perhaps Cross River State, particularly the Ikom area, witnessed greater financial gains last year. Unlike the South-West states, Cross Riverians may not have abandoned their cocoa farms for ‘japa’ and other white-collar pursuits. The Business Day report highlighting bankers and engineers forsaking urban careers to thrive financially from cocoa last year focused on Ikom.

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However, I observe that at least in the South-West, a substantial portion of the $2.8 billion (equivalent to N4.2 trillion when converted) will swiftly return to foreign lands. Unlike the early 1980s when our ancestors used cocoa earnings to construct monumental edifices and individual castles, competing to demonstrate who retained the most cocoa funds domestically to acquire tangible assets and build homes, the contemporary Nigerian is inundated and bewildered by adverse news about their nation, with some even doubting Nigeria’s future—even those profiting from the land.

Social media has exacerbated the situation, particularly as Nigerians statistically dominate global social media usage. Somehow, social media has further eroded our people’s hope in Nigeria daily. We must earnestly endeavor to restore the innocent patriotism that once thrived in Nigeria. Many South-Western towns remain hobbled since Nigeria pivoted away and scrapped the cocoa boards, which helped our farmers aggregate their farm proceeds and also offered them some kind of insurance up till the mid-1980s. Thankfully, a few weeks ago, the Federal Executive Council, under President Tinubu’s leadership, returned the Board. We look forward to a future where Cocoa farmers will return to being the chief drivers of local economies in the South-West, up to Cross River State.

This is crucial and will be salutary to the economy, as today’s intermediaries and exporters employ every tactic to retain their dollar profits abroad, rather than repatriating them. We overlook that global competition dictates inter-country dynamics. Astute foreign nations have long devised strategies to retain the capital you invest for their development. You may not realize that even in their corrupt and disorganized days, they ensured their funds remained domestically for national development. That’s the essence. Economic nationalism is the prevailing trend, and every nation is adapting. In the mid-1980s, as Nigeria dismantled its cocoa board, Ghana and Côte d’Ivoire retained theirs, resulting in enhanced fortunes and increased annual productivity for those nations, which have now surpassed Nigeria by considerable margins. Thankfully, President Tinubu has reinstated the concept.

Nigeria is abundantly blessed. The agricultural sector alone possesses the potential to transform our fortunes. This article is focused on what’s going on with cocoa alone. Across the land, there are so many other crops that sometimes sprout wildly but are worth fortunes. From cashew nuts to sesame seeds, to sheanuts, ginger, turmeric, onions and so on. The north of Nigeria – occupying more than two-thirds of our landmass – is a goldmine for agriculture and many are doing great, silently.

Thus, the query we must pose to ourselves, particularly in South-West Nigeria, is, “How can we forsake our farms, transform into urban dwellers, and utter ‘ebinpawa’?” Is it not glaringly apparent now that urban poverty might surpass rural destitution in Nigeria, and that neglecting our innate resources—specifically cocoa farming—impedes our advancement? Must we lease our ancestral lands and disdain the legacy of our forebears while pursuing elusive wealth, even abroad? Why do we equate agriculture with impoverishment? Can we not pursue farming in an astute manner? Are we indeed being prudent here? And those who have amassed substantial wealth from cocoa, et cetera, what transpired with sharing and embodying the spirit of communal support?

I believe a select few have achieved notable financial success recently. Now is the time for generosity and fellowship. Ebi o gbodo pawa mo. Let’s cease bestowing our wealth upon foreign entities due to colonial mentality. Invest in Nigeria. There exists ample opportunity for development within this nation. Acquire assets here, where you can oversee them. Invest in regulated stock markets. Initiate enterprises and employ individuals, thereby contributing to the resolution of Nigeria’s challenges.

Nigeria is abundantly blessed. The agricultural sector alone possesses the potential to transform our fortunes. This article is focused on what’s going on with cocoa alone. Across the land, there are so many other crops that sometimes sprout wildly but are worth fortunes. From cashew nuts to sesame seeds, to sheanuts, ginger, turmeric, onions and so on. The north of Nigeria – occupying more than two-thirds of our landmass – is a goldmine for agriculture and many are doing great, silently. Smallholders are, however, being taken advantage of, hence the need for some cooperation.

My concern in this article, however, is that our younger generation shouldn’t disdain the legacy of their ancestors, who seemingly prospered more than many do today. I hope my Ondo acquaintance can retrace his steps and assist his father, akin to developments in the Cross River region.

Tope Fasua, an economist, author, blogger, and entrepreneur, can be reached at topsyfash@yahoo.com.