Unlocking Osun’s investment potential: A gateway to UK markets through the DCTS

The United Kingdom’s recent decision to grant duty-free access to over 3,000 products from Nigeria under the Developing Countries Trading Scheme (DCTS) opens a transformative chapter for our nation’s export economy. Among Nigeria’s 36 states, Osun is uniquely positioned to seize this opportunity—thanks to our rich agricultural base, vibrant cultural industries, and the enabling reforms implemented by my administration.

Reviving Cocoa: A Legacy Reimagined

Agriculture has long been the backbone of Osun’s economy, with cocoa being a primary cash crop. According to the Federal Ministry of Agriculture and Rural Development, Nigeria produced approximately 270,000 metric tonnes of cocoa in 2023, with Osun contributing a significant portion owing to our favorable climate and strong farming tradition.

In 2024, my administration launched a comprehensive Cocoa Revival Strategy, investing in plantation expansion and empowering over 10,000 smallholder farmers. Through improved seedlings, training programs, and mechanized equipment, we have already recorded a 20% increase in yields across pilot local government areas.

These efforts make Osun a natural hub for investors in the cocoa value chain. With the global chocolate market exceeding $140 billion in 2024 and projected to grow steadily, the United Kingdom—home to some of the world’s most enthusiastic chocolate consumers—offers a golden export opportunity. Duty-free access enables us not only to reduce export costs but to attract investment into local processing and manufacturing, enhancing competitiveness and job creation.

The late sage, Chief Obafemi Awolowo, famously used cocoa proceeds to fund monumental infrastructure and social development. We draw inspiration from that legacy. One example is Guruje IV chocolate, made from single-origin cocoa beans sourced from Eti-Oni—home to one of Nigeria’s oldest cocoa plantations, dating back to 1896. Net profits from sales are fully reinvested into the local community—supporting infrastructure, farming, and social development in a model that surpasses traditional fair-trade practices.

Palm Oil: A Green Gold Comeback

Palm oil—integral to global food, cosmetic, and energy sectors—has regained prominence. In 2024, global prices exceeded $1,000 per metric tonne, in some cases surpassing crude oil. Historically a major economic driver in Osun, the sector is now experiencing a renaissance. We have facilitated partnerships with agro-processing firms and introduced mechanized milling systems, significantly increasing local processing capacity.

This aligns with national efforts to curb Nigeria’s palm oil imports—currently exceeding 300,000 metric tonnes annually—and save valuable foreign exchange. With DCTS in place, Osun stands ready to export sustainably produced, traceable palm oil directly to the UK, where demand for ethical sourcing continues to rise.

Expanding Creative and Cultural Exports

Under the DCTS, 99% of Nigerian exports are now eligible for tariff reductions or full tariff-free access to the UK market. This includes not just agricultural and manufactured goods but also processed and value-added products such as:
• Textiles and fashion (e.g., Ankara, Adire, and other traditional fabrics)
• Handcrafted items (e.g., jewelry, leather goods, home décor)
• Cultural merchandise (e.g., music, film-related merchandise, art prints)

These products are integral to Nigeria’s fast-growing creative economy, and Osun—home to one of the most active traditional textile ecosystems in the country—is poised to benefit. In particular, the Adire and Aso Oke industries, powered by more than 5,000 artisans (many in women-led cooperatives), stand to gain from improved access to discerning fashion markets in London, Manchester, and beyond.

Our “Adire Wednesdays” policy has revived local pride and visibility, encouraging civil servants and public officials to wear indigenous fabrics weekly. I, along with members of my cabinet, proudly serve as ambassadors for this cultural renaissance.

Cultural Diplomacy & Creative Partnerships

We must also acknowledge the unwavering support of the Deputy British High Commissioner, Mr. Johnny Baxter, who has been a true ally in fostering cultural diplomacy and inclusive trade. His commitment to amplifying traditional industries—such as the Adire sector—is deeply appreciated. His partnership with our government during the Commonwealth Investment Summit and the Africa Fashion Week London Pre-Event in Lagos highlights the growing international recognition of Osun’s cultural and creative strength.

Digital Innovation: Powering the Future

In line with President Bola Tinubu’s vision for digital and creative economic expansion, Osun is actively nurturing a tech-forward ecosystem. With new hubs like the Osun Digital Innovation Centre, we are creating platforms for growth in animation, content creation, digital media, and creative arts.

Given that the UK’s creative sector contributes over £115 billion annually to its GDP and is actively seeking partnerships with emerging markets, Osun’s youthful, digitally literate population presents an unmatched opportunity for scalable, innovation-driven investment.

Learning from Global Success

International case studies reinforce Osun’s strategic path. Malaysia transformed its palm oil sector into a $20 billion export powerhouse, while Vietnam leveraged duty-free agreements to become the world’s third-largest textile exporter by 2024. These examples show what is possible when natural resources, human capital, and favorable trade policy converge.

A Call to Action

With its diversified economic base—agriculture, traditional crafts, and digital innovation—Osun State is well-positioned to fully leverage the DCTS. The elimination of tariffs strengthens our global competitiveness and opens direct access to one of the world’s most lucrative consumer markets.

For UK investors and global partners, Osun offers:
• High-quality raw materials like cocoa and palm oil
• Skilled artisan networks producing globally sought-after cultural goods
• Business-friendly policies and growing infrastructure
• A young, tech-savvy workforce eager to power the next wave of innovation

Our vision is to make Osun the gateway to inclusive, sustainable, and globally competitive growth. The foundation has been laid. The conditions are right. The moment is now.

Now is the time to invest in Osun.