Key participants in Nigeria’s coffee sector have claimed that the industry has the potential to earn $2 billion in the next two to three years.
According to The Punch, industry insiders are eager to leverage on the expanding trend of coffee demand coming from developed economies, which supports this optimistic perspective.
Nigeria exported $38.63 million worth of coffee, tea, mate, and spices in 2021, according to data from the UN Comtrade database on international trade.
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, West Africa Specialty Coffee Association President Lanre Segun said, “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.
The President declared, “Nigerian coffee is gaining a lot of interest internationally; at the moment, some are exporting 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 byproduct of cocoa. Obtaining land is a major issue.”
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.”
