Oluwajare Fola-Bolumole is one of the most popular indigenous chocolate manufacturing brands in Nigeria. He is a passionate entrepreneur and chocolate enthusiast, who founded his annual ‘ChocParty’ event with a vision to harness the power of chocolate. In this interview with ROTIMI IGE, he speaks on his entrepreneurship journey, the challenges he has faced as brand and how he has evolved from a chocolate manufacturer to recently authoring a book on events production and management.
Nigeria has faced significant Foreign Exchange (FX) volatility recently. As a manufacturer, how are you navigating the rising costs of imported machinery or specialised ingredients that aren’t available locally?
Foreign exchange volatility has been one of the most significant challenges for chocolate manufacturers in Nigeria. Although cocoa is grown locally, many aspects of chocolate production still depend on imported inputs, particularly specialized machinery and certain ingredients used in processing and packaging. Between 2020 and 2025, the industry experienced one of its most difficult periods. The global price of cocoa rose dramatically, at some points reaching about ₦14,000 per kilogram locally because the commodity is priced based on international market rates and influenced by FX movements. At the same time, chocolate production technology is largely imported. With the naira fluctuating significantly, it became extremely difficult to plan equipment purchases. In some cases, funds that had been set aside for machinery suddenly became insufficient because the exchange rate had changed by the time the purchase was to be made.
As a result, for much of the last year it was practically impossible for us to import machinery or expand production capacity as originally planned. Our strategy during that period was to focus on operational efficiency, optimize existing equipment, and manage resources carefully while waiting for more stability in the FX environment.
The manufacturing sector is often the hardest hit by infrastructure gaps. What are the specific ‘hidden costs’ of producing chocolate in Nigeria that the average consumer might not realise?
One of the most surprising hidden costs in chocolate production in Nigeria is actually the cost of cocoa itself. Many people assume that because cocoa is grown locally it should be relatively cheap for local manufacturers. In reality, cocoa is priced according to international market rates. Even when cocoa is grown within Nigeria, it is sold at prices tied to global demand. Farmers often prefer to sell to exporters who can access international markets, which means local chocolate manufacturers must compete with global buyers for the same beans.
This creates a difficult situation. Even if cocoa is grown in a farm close to home, the price local manufacturers pay is still determined by the international market. For a chocolate producer trying to process cocoa locally into finished products, that becomes one of the biggest cost pressures. Beyond raw materials, there are also infrastructure-related costs. Chocolate production requires controlled temperatures, reliable electricity, and specialised storage. Because of inconsistent power supply, manufacturers must rely heavily on generators and cooling systems, which significantly increases operational costs. All of these factors combined make chocolate manufacturing in Nigeria far more expensive than many consumers might imagine.
How have recent government policies, whether regarding trade, taxation, or MSME support, either hindered or helped your ability to scale your factory over the last few years?
Government support for businesses in Nigeria has largely come through general MSME interventions rather than policies specifically designed for the cocoa value chain. One intervention that has been particularly helpful for my business was the single-digit interest loan provided through the Bank of Industry.
Access to financing at a single-digit rate is significantly more favourable than what most small businesses can obtain in the open market, and the repayment structure was also reasonable. However, these programs are broad-based and not tailored to the cocoa processing industry. Nigeria grows large volumes of cocoa, yet much of it is still exported as raw beans rather than processed locally. What the sector really needs are targeted policies that encourage local processing—such as incentives for cocoa processing facilities, investments in infrastructure, and policy frameworks that support value addition within the country. If Nigeria intentionally supports the local processing of cocoa, the country can create far greater economic value by exporting finished chocolate and cocoa derivatives rather than raw beans.
The events industry in Nigeria is incredibly saturated. After a decade, what is your secret to keeping the ‘ChocParty’ brand fresh and exciting for a Gen Z and millennial audience?
The secret to keeping ChocParty fresh has been designing the event around the guest experience. Every year, we think about the event primarily from the perspective of the audience—what they would enjoy, what would excite them, and how they would want to experience it. While we introduce new creative ideas each year, our planning process always begins with understanding the expectations and interests of the people attending the event.
By consistently iterating the experience based on what the audience responds to, the event continues to evolve naturally. When an experience is designed around what people genuinely enjoy, it becomes easier for them to connect with it and adopt it as part of their lifestyle. That focus on audience-centred experience design has been a major reason ChocParty has remained relevant and successful for over a decade.
‘Chocolate Party’ is more than an event; it’s an activation for your product. Do you believe more Nigerian manufacturers should adopt this “experiential” model to move their goods?
Experiential marketing is one of the most powerful ways to drive product adoption. When consumers are able to interact directly with a product, the connection becomes much stronger than traditional advertising alone. ChocParty provides an environment where people can experience the brand in multiple ways. Guests interact with the atmosphere of the event, sample the products, and also have the opportunity to purchase them. That kind of engagement builds familiarity and trust.
This model does not necessarily have to be a large festival. Many successful FMCG companies have used experiential activations in different forms. Brands like Guinness, for example, have built strong consumer connections through large-scale events and experiences. When people interact with a product in a meaningful way, they are far more likely to continue purchasing it. For that reason, experiential marketing can be a very effective strategy for manufacturers.
You’ve successfully run the ‘Chocolate Party’ brand for over a decade. How has the vision evolved from a simple event to a manufacturing powerhouse?
Interestingly, the core vision has not changed very much over the years. What has evolved is the expression of that vision. From the beginning, ChocParty was built around two core ideas: creating meaningful social experiences and promoting the ChocBoy brand. Because that purpose was clearly defined from the start, it has been possible to experiment with different formats and experiences without losing the identity of the event. A strong event must have a clear vision. When the vision is consistent, the way it is expressed can evolve over time while still staying true to its core purpose.
For ChocParty, the vision has always been to create an environment where people can mend relationships, strengthen existing ones, and build new connections—while also showcasing the ChocBoy brand as a chocolate manufacturing company.
You recently released a new book on event planning. What gap in the industry prompted you to write it?
One major gap I observed in the event industry is that many event planners focus heavily on aesthetics and logistics while neglecting the thinking behind the event itself. That observation inspired my book, ‘The Event Is Not The Day’. The core idea is that an event should be experienced mentally long before it happens physically. A significant portion of event planning should be dedicated to thinking through the experience—imagining possible scenarios, testing different flows, and designing how guests will interact with each part of the event.
In the book, I suggest that as much as 60 per cent of the planning process should be devoted to thinking and conceptualising the event. Once the thinking is clear, the visible elements, decor, logistics, and operations, become much easier to execute effectively.
Does the book bridge the gap between creativity and the business of events?
While the book focuses on event planning, the principles extend beyond creativity into the structural and strategic aspects of execution. It emphasises the importance of systems, intentional design, and disciplined thinking in building successful events. These principles apply not only to event planning but also to entrepreneurship and business operations more broadly. By focusing on structured thinking and experience design, the book helps bridge the gap between the creative expression of events and the strategic planning required to sustain them.
After more than a decade at the intersection of taste and entertainment, what is the long-term legacy goal for your brand?
The long-term legacy goal of the ChocBoy brand is to help reposition Nigeria from being primarily a cocoa-exporting country to becoming a cocoa-processing nation. Nigeria produces significant quantities of cocoa, yet much of it is exported as raw beans while finished chocolate products are manufactured elsewhere and imported back into the country. We believe far greater value can be created when a country processes its own raw materials. In the same way that refining crude oil creates more economic value than exporting it raw, processing cocoa locally into chocolate and other derivatives can generate greater economic opportunities. Our vision is to contribute to building a future where Nigeria not only grows cocoa but also processes it, refines it, and exports finished cocoa products to the world.