The price of cocoa has reached an all-time high of N15m per tonne as against its price of N1.8m in January 2024.
Patrick Adebola, the Executive Director of Cocoa Research Institute of Nigeria, made this announcement on Thursday while addressing newsmen at a joint press conference to mark the CRIN’s 60th Anniversary and the hosting of the 18th edition of the Research Institutes Games of Nigeria, held at the institute conference hall, Idi-Ayunre in Ibadan.
Adebola attributed the sharp increase in the price of produce to the outbreak of the disease in Cote d’Ivoire and Ghana, which are the leading producers of cocoa in the world.
He said this situation has led to about 40 per cent loss of the crop in the two countries.
“Cote D’Voire is the largest producer of cocoa, producing about two million metric tonnes, followed by Ghana with 900,000 metric tonnes. Nigeria is still 300,000 tonnes. Meanwhile, we have more land and everything than both countries. Nigeria can become number one.
“The country has the potential to become the highest producer of Cocoa and boost its foreign exchange earnings if adequate attention is given to the sector by the government.
“I believe that the current administration of President Bola Tinubu is doing the right thing because I can see a lot of improvements in terms of support to farmers. That support should reach the right farmers and not the political farmers.
“As of January 2024, a tonne of Cocoa used to sell for N1.8m, the price has risen to about N15m per tonne but has now stabilised at N12m. That is to tell you that Cocoa production is no joke, it is the way to go now. “
He therefore urged Nigerians, especially the youth to embrace agriculture, particularly cocoa, cashew, and other crops to generate more income and boost the economy.
“So, agriculture is where to go. That is why we are encouraging our youths to take advantage of age and go into tree crop farming such as Cocoa. They will never regret it,” he said.
The executive director noted that 22 states of the Federation including South-West, South-South, South-East, Adamawa, and Taraba have good soil to grow cocoa profitably.
Timeline of cocoa price surge in 2024
In January, the spot price rose from $4,297 to $4,841 by month’s end.
February saw continued growth, closing at $6,443 and peaking at $6,866.
By March, prices climbed to an impressive $9,828.
The bullish trend persisted into April, setting a record high of $12,216. Currently, cocoa trades around $9,800.
In summary, the Nigeria’s cocoa earnings surged by 279% in the first quarter of 2024, driven by elevated cocoa prices.
Data from the National Bureau of Statistics (NBS) shows that cocoa exports reached a value of N408.66 billion in the first three months of the year, up from N107.59 billion during the same period in 2023.
