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Nigeria and other countries will earn $11.31 billion from 4.92 million tonnes of cocoa beans production in the 2021/2022 season as price dropped from $2,632 to $2,297 per tonne in July.

According to a forecast by the International Cocoa Organisation (ICCO), of the amount, Nigeria will rake in $754.02 million from the 328,263 tonnes projection, while Ghana is expecting $2.03 billion from its 883,652 tonnes.

The organisation noted that Ivory Coast, the largest producer of 2.03 million tonnes, would generate $4.67 billion this year  from the beans. The organisation explained in its report that weather conditions and disease had negatively affected cocoa beans production this year.

Also, it noted that trade disruptions and high freight rates were impacting the cocoa and fertiliser trade, saying that the shortage of fertilisers on cocoa farms would likely hurt cocoa bean crop quantity, quality and size next year.

According to ICCO report, a decline in cocoa supplies from Nigeria, the world’s fourthlargest cocoa producer, was supportive of cocoa prices after data released July 4 showed that Nigeria’s May 2022 cocoa exports fell y/y to 12,497 tonnes. Also, ICCO estimated that the global 2021/22 cocoa market will fall into a deficit of -181,000 tonnes from a surplus of +215,000 in 2020/21.

It would be recalled that early in the year, Cocoa Farmers Association of Nigeria (CFAN) had said that cocoa production would be increased from over 300,000 metric tonnes to 500,000 metric tonnes by 2024, adding that Nigeria would become the highest cocoa producer in West Africa in the next five years.

The National Chairman of CFAN, Comrade Adeola Adegoke, said in Akure during the free distribution of cocoa’s Good Agricultural Practices (GAP) handbook to smallholder farmers, adding that the target would make the country produce the best quality cocoa beans in line with internationally acceptable best practices.

Adegoke, who spoke on standards among cocoa farmers, noted that the GAP handbook would enhance responsible use of pesticides, child labour eradication, deforestation, ecosystem and climate change among others.

He explained: “The poor cocoa quality being experienced by our cocoa buyers and exporter which have degraded and, devalue the once preferred Nigeria cocoa beans at international markets is not acceptable any longer to us. “Our smallholder cocoa farmers must be guided and supported on responsible and acceptable international cocoa practices without any excuse.

CFAN commitment to increase Nigeria, cocoa production in conjunction with other value chain stakeholders from about 340,000 tonnes to 500,000 tonnes by 2024 and to be the highest cocoa producer in the year 2027 in West Africa with sustainable cocoa beans remains our core cocoa policy.

“This ambition is anchored on improved cocoa variety, national cocoa farm irrigation, the improvements of the livelihood of our smallholder cocoa farmers via the collection of $400 Living Income Differential (LID) and the overall improvements of the cocoa sector from research, Inputs, production, value addition, processing to export. Adegoke stressed that working with the Cocoa Research Institute of Nigeria (CRIN), Harvest- field Industries, the Federal Ministry of Agriculture, the Federal Ministry of Industry, Trade and Investment, and other stakeholders to produce and distribute the Cocoa GAP handbook for free to farmers contributed to the sustainability of the cocoa supply and value chains in Nigeria