Market News
Cocoa price rises to N15m per tonne – CRIN - PUNCH
Cocoa Research Institute of Nigeria in Ibadan, Oyo State, on Thursday, announced that the price of cocoa reached an all-time high of N15m per tonne as against its price of N1.8m in January 2024.
The Executive Director of the institute, Patrick Adebola, made this announcement 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.
Adebola, however, urged those interested in Cocoa farming to carry out soil testing before planting.
Also speaking, the National President of RIGAN, Oluwaferanmi Owolade, said the objective of the annual games was to foster unity by bringing together sportsmen and women from all the research institutes in the country and to discover hidden talents.
Owolade said the games have, over the years, produced the likes of Austin Eguavoen, Mutiu Adepoju, Dimeji Lawal and a host of others.
