Sunbeth Global Concepts plans to build two major processing plants in Sagamu by March 2027. The facilities will handle 70,000 metric tonnes of cocoa and 80,000 metric tonnes of cashew annually.
Olasunkanmi Owoyemi, the company's managing director, unveiled the expansion at the Africa Cocoa Finance and Investment Forum in London. He spoke on a panel discussing Africa's cocoa sector and regional growth prospects.
The move marks Sunbeth's shift from trading commodities into full agro-processing operations. Nigeria and other African nations are pushing to add value locally rather than exporting raw materials.
"Africa cannot continue supplying cocoa while staying outside value creation," Owoyemi told the gathering. He emphasized that African businesses must think beyond simple export models.
Building institutions meant to last centuries requires new thinking, according to him. Companies must stop acting like traders and start acting like permanent institutions, he noted.
Sunbeth's approach rests on three pillars: scale, integration and permanence. Owoyemi explained that sustainable competitiveness demands stronger control of sourcing, logistics, processing and sustainability practices.
Both processing plants will strengthen Nigeria's position in global cocoa markets. They're also expected to generate employment and expand local production capacity significantly.
Industry leaders and international financiers gathered at the London Stock Exchange forum to discuss African cocoa opportunities. Sustainability and financing mechanisms dominated conversations throughout the event.
