Nigeria’s coffee industry targets $2bn revenue

Nigeria’s coffee industry targets bn revenue

Nigeria's coffee industry targets $2bn revenue

Key players in 's segment are optimistic that the has the potential to earn $2bn in the next two to three years.

This buoyant outlook is underpinned by the growing demand for coffee emanating from developed economies, a trend that industry insiders are keen to capitalise on.

Data from the United Nations COMTRADE database on international trade revealed that Nigeria's exports of coffee, tea, mate, and spices amounted to $38.63mn in 2021.

READ ALSO:  Nigeria can be global talent exporter – NITDA DG

Against this backdrop, industry leaders are strategically positioning themselves to tap into the burgeoning appetite for coffee products.

Africa, as a continent, plays a pivotal role in satisfying international coffee cravings, supplying a remarkable 80 percent of the United States' coffee imports.

“In the next 2 to 3 years, by aggregating our cultivation capacity, we aim to generate $2bn in coffee revenue,” the President of the West Africa Specialty Coffee Association, Larry Segun-Lean, told The PUNCH at the World Coffee and Tea Expo in Lagos.

READ ALSO:  Fuel price soars by 81% despite N6tn subsidy payment – Report

Segun said the industry with huge potential is gearing up for expansion, tapping into international demands for Nigerian coffee, especially from markets like Japan.

The President said, “There is significant international interest in Nigerian coffee; currently, some are exporting to countries like Japan and Canada. Africa supplies 80 per cent of the US coffee imports, and Nigeria can tap into this .

READ ALSO:  Nigeria’s tallest man, Afeez Agoro dies after protracted illness

However, Segun said to achieve this, Nigeria must stimulate interest among Nigerians in coffee cultivation.

According to him, proper dissemination of information is crucial. “Many people confuse coffee with cocoa, and some even consider coffee a byproduct of cocoa. Securing land is a key challenge.”

Further, he urged states cultivating coffee to release lands to farmers in abundance. “Clearing farmland is a major obstacle, requiring machinery and proper education to enhance production,” he noted.

Leave a Reply

Your email address will not be published. Required fields are marked *