Coffee prices double in Nigeria after global supply disruptions
Nigeria is feeling the impact of the global coffee crisis as futures prices surge by over 30 per cent due to severe supply disruptions caused by drought in Brazil, the world’s largest Arabica coffee producer.
In Nigeria, coffee prices have doubled in 2024, with popular brands like Nescafe and TopCafe experiencing significant hikes.
For instance, “Nescafe 3-in-1” spiked to N34,000 per carton in August, up from N28,000 in May, and a steep rise from N18,000 last year.
The rainfall shortage in Brazil, which began in April, has led to a sharp decline in coffee production, sparking a global rush to secure supplies.
This has driven up coffee futures, with U.S. Coffee Futures and Arabica Futures both soaring by more than 30 per cent in 2024, impacting markets worldwide, including Nigeria.
