Important participants in Nigeria’s coffee market are hopeful that the sector might generate $2 billion in revenue in the next two to three years. The increasing demand for coffee coming from developed economies, which industry insiders are eager to capitalize on, supports this optimistic picture.
According to information gleaned from the United Nations COMTRADE database on global trade, Nigeria exported $38.63 million worth of tea, coffee, mate, and spices in 2021. In light of this, leading companies in the sector are putting themselves in a strategic position to take advantage of the growing demand for coffee products worldwide.
Africa as a continent provides an astounding 80% of the coffee imported into the United States, making it a vital component in meeting global coffee demands. At the World Coffee and Tea Expo in Lagos, Larry Segun-Lean, President of the West Africa Specialty Coffee Association, told The PUNCH, “We aim to generate $2 billion in coffee revenue in the next two to three years by aggregating our cultivation capacity.”
According to Segun, the enormously promising business is preparing for growth by leveraging the demand for Nigerian coffee abroad, particularly in countries like Japan.
“There is significant international interest in Nigerian coffee,” the president stated; at the moment, part of the country’s exports are going to Canada and Japan. Nigeria may take advantage of this market as 80 percent of the coffee imported into the US comes from Africa.
Segun asserted that in order to do this, Nigeria needs to pique Nigerians’ curiosity in coffee growing. He feels that it is essential to properly disseminate information. “Caffeine and cocoa are often confused, with some even believing that coffee is a result of cocoa. Obtaining land is a major obstacle.
He also asked states that grow coffee to give farmers a large amount of their land back. He said, “Clearing farmland is a major obstacle, requiring proper education and machinery to enhance production.”
