Cocoa Prices Increase in Nigeria’s Largest Cocoa Producing State

by Warren Seah

By Obafemi Oredein

Cocoa prices in the Nigerian state of Ondo, the country’s largest cocoa producer, have experienced an upward trend this week, according to traders on Friday.

Graded cocoa, which has received certification for export, is currently being traded at 2.6 million Nigerian naira per metric ton, representing an increase from NGN2.5 million per ton on September 6th.

Challenging Conditions in Southwest Nigeria

In contrast, the cocoa trading situation in the southwestern state of Oyo remains subdued due to both a scarcity of the commodity and a lack of price information, as highlighted by Akin Omotayo, manager at the Cooperative Produce Marketing Union.

The Cooperative Produce Marketing Union acts as an intermediary between farmers and exporters by purchasing cocoa on their behalf.

Delayed Harvest and Sun-Drying

Trader Jimoh Alabi pointed out that the main cocoa crop for the years 2023-24 is not yet available for trading in the Oyo state market. The delay occurred due to heavy rains and unfavorable weather conditions, which have hindered the harvest and sun-drying of the cocoa beans.

You may also like

Leave a Comment