Nigeria’s chocolate import increases 98.9% in 5 years

The rising demand for chocolate bars in Nigeria has shot up its importation by 98.9 percent be¬tween 2008 and 2013.
But, according to the country’s import profile by Bridgat, Nigeria’s current an¬nual chocolate import value which is 1,548,000 is 0.00 percent when compared to its total annual import value of 59,046,000,000. There¬fore, while chocolate import driven by local demand is on the rise, the quantity is still al¬most insignificant compared to the total volume of the country’s massive imports.
However, the increase over the last five years shows a very significant market being created in Nigeria for chocolate bars because most of the cocoa liquor, cocoa butter, cocoa cakes and cocoa powder consumed in the country are produced domestically with a larger part of the first three being exported.
According to Euromoni¬tor, another international market research outfit, the increased demand for choc¬olate bars in Nigeria is due to growing number of expatri¬ate population as a result of high levels of foreign direct investment (FDI) in Nigeria within the period and use of expatriates in the construc¬tion industry.
Euromonitor also notes that growing disposable income and westernisation of a segment of Nigeria’s population are also key fac¬tors driving strong growth of chocolate confectionery in Nigeria.
In addition, chocolate confectionery has also ben¬efitted from an increase in modern retailers such as bigger supermarkets/hypermarkets and smaller independent small grocers that mimic supermarkets in terms of products and higher imports of goods generally, according to the market watchers.
In response to rising de¬mand for chocolate bars, some indigenous Nigerian cocoa processing companies which currently produce cocoa powder for beverage purposes already have plans on ground to capture part of this growing market.
Last year, the minister of agriculture and rural de¬velopment was invited by Multi Trex, an indigenous cocoa processing firm, to commission its chocolate bars production plant along the Lagos-Ibadan express¬way with a view to going into manufacturing of choc¬olate bars very soon.
Odunayo Adeyemi, an industry watcher with sev¬eral years of work in the co¬coa industry, affirms the fact that there is a considerable market for chocolate bars in the country that is worthy of domestic investment.
Apart from official im¬port figures, he pointed out that Nigerians usually pur¬chase large quantities of chocolate bars to give out to people at home when they travel abroad, he added, “Multi Trex already pro¬duces cocoa products that are of international stand¬ards and its chocolate bars would also be of such inter¬national standards which will compete favourably with imported chocolates.”
According to Euromoni¬tor, chocolate demand in the country is forecast to re¬cord an annual growth rate of nine percent between now and 2018 as chocolate demand continues to grow in line with incomes, expa¬triates’ presence, and the growth of modern retail channels.
It, however, hints that this growth rate in chocolate bars market would be boost¬ed or weakened depending on electricity supply which will enable more retailers to stock chocolate bars if available or unable to stock if electricity is unavailable.