Nigeria Cocoa Prices Increase in Some States

Nigeria, Sept. 26 – Nigeria cocoa prices have increased in states like Ogun and Cross River, according to officials and traders in the region.

In Cross River, cocoa is trading at 2.7 million Nigerian naira ($3,462) a metric ton, up from NGN2.6 million a ton on Wednesday, a trader said Friday.

In Ogun–one of the five cocoa-producing states in the country’s southwest region–the chocolate ingredient is selling for NGN2.5 million a ton compared with NGN2.4 million a ton last week, according to Nojeem Olomide, an official of the Cocoa Association of Nigeria.

Meanwhile, heavy rainfall that has hindered the harvesting and drying of the 2023-24 main cocoa crop since late August has subsided in the southwest.

“The rains are not coming as heavily and frequently as before… allowing farmers to harvest more main cocoa,” said Dele Olaitan, a trader.

The southwest accounts for 70% of Nigeria’s annual cocoa production of 250,000 to 280,000 tons, according to trade groups in the country.