Cocoa price surges to N15m per tonne

• Published On: 06 December 2024 at 14:36

The Cocoa Research Institute of Nigeria, based in Ibadan, Oyo State, announced on Thursday that cocoa prices had reached an all-time high of N15 million per tonne, up from N1.8 million in January 2024.

This was revealed by the institute's Executive Director, Patrick Adebola, during a joint press conference commemorating CRIN's 60th anniversary and the 18th edition of the Research Institutes Games of Nigeria at the institute's conference hall in Idi-Ayunre, Ibadan.

Adebola blamed the sharp rise in cocoa prices on an outbreak of disease in Côte d'Ivoire and Ghana, the world's leading cocoa producers.

He explained that the situation has resulted in a 40% loss of cocoa crops in these countries, which has a significant impact on global supply and driven up prices.

"Cote D'Voire is the largest cocoa producer, producing approximately two million metric tonnes, followed by Ghana at 900,000 metric tonnes. Nigeria still has 300,000 tonnes. Meanwhile, we have more land and resources than either country. Nigeria has the potential to become number one.

"If the government devotes adequate attention to the sector, the country has the potential to become the leading cocoa producer and increase its foreign exchange earnings.

"I believe that President Bola Tinubu's administration is doing the right thing because I have seen significant improvements in farmer support. That support should go to the right farmers, not the political farmers.

"As of January 2024, a tonne of cocoa sold for N1.8 million; the price has risen to around N15 million per tonne, but has now stabilised at N12 million. That is to say that cocoa production is not a joke; it is the way to go now.

He encouraged Nigerians, particularly young people, to pursue agricultural careers, particularly in crops such as cocoa, cashew, and others.

"Agriculture is where to go. That is why we encourage our youth to take advantage of their youth and venture into tree crop farming, such as cocoa. "They will never regret it," he stated.

Adebola stated that 22 states in the Federation, including the South-West, South-South, South-East, Adamawa, and Taraba, have fertile soil suitable for profitable cocoa cultivation.

However, he advised potential cocoa farmers to test the soil before planting.