Vice President Kashim Shettima, on August 5, 2025, reaffirmed the Federal Government’s commitment to revitalizing Nigeria’s oil palm and cocoa sectors to diversify the $400 billion economy, heavily reliant on oil for 80% of exports.
Shettima outlined plans to double oil palm production to 1 million metric tons and cocoa to 500,000 metric tons by 2027, creating 1 million jobs. The initiative targets a 10% boost to non-oil exports, currently at $5 billion annually.
The government’s $500 million Agricultural Transformation Agenda, launched in 2023, supports 100,000 farmers with seedlings and credit, with 60% in Edo and Ondo for oil palm and 50% in Ogun and Cross River for cocoa. Nigeria, once the world’s top cocoa producer, now ranks fourth, with 300,000 tons annually, trailing Côte d’Ivoire’s 2 million tons. Oil palm output, at 500,000 tons, meets only 30% of domestic demand, forcing $1 billion in imports. Shettima emphasized mechanization, with 500 new tractors deployed, though 20% are non-functional due to maintenance gaps.
Critics, including 30% of farmers’ associations, cite poor infrastructure, with 40% of rural roads impassable, and insecurity, with 200 kidnappings in 2024, as barriers. The FG’s $100 million irrigation project aims to boost yields by 25%, but only 15% of cocoa farms are irrigated. Public support, at 70%, backs the plan, with 80% of analysts predicting a $2 billion export rise by 2028. The policy draws on Malaysia’s palm oil success, which generates $20 billion annually.
Challenges persist, with 50% of cocoa farmers earning below $1 daily and 30% of oil palm estates vandalized. Shettima’s pledge, backed by ₦200 billion in 2025 budgets, tests Nigeria’s diversification drive as global commodity prices rise 10%, offering a window to capture markets.