Nigeria Poised to Cash In on Cocoa Price Boom | New Telegraph

Nigerian cocoa exporters are poised to reap significant benefits from a surge in cocoa prices, as reported by New Telegraph. With global production experiencing a 10.9% decline, cocoa prices have skyrocketed to $10,030/ tonne in April 2024, and Nigerian exporters are expected to reap N3.2 trillion ($2.7 billion) in revenue from their 270,000-tonne output in 2024.

The International Cocoa Organisation (ICCO) attributes the global production shortfall to disease outbreaks impacting major cocoa-producing countries like Ivory Coast, Ghana, Nigeria, and Cameroon. This has created a supply gap of between 650,000 and 700,000 tonnes, driving prices upwards and presenting a lucrative opportunity for Nigerian exporters.

New Telegraph notes that while this price surge benefits exporters, concerns remain about the long-term sustainability of the Nigerian cocoa sector. The National President of the Cocoa Farmers Association of Nigeria (CFAN), Comrade Adeola Adegoke, stresses the need for improved support for smallholder farmers through subsidized inputs, credit facilities, and capacity building.