“Cocoa Prices Surge in Multiple Nigerian States Amid Naira Depreciation and Shortages”


Cocoa prices in multiple Nigerian states rose this week due to a combination of factors, according to industry experts and traders.

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In Ondo, Nigeria’s largest cocoa-producing state, certified export-grade cocoa is now priced at 4.7 million Nigerian naira per metric ton, compared to the range of NGN4 million to NGN4.5 million per ton observed last week.

Cross River, the country’s second-largest cocoa-producing state, experienced an increase from NGN3.9 million to NGN4 million per ton to the current range of NGN4.6 million to NGN4.7 million per ton.

Meanwhile, in Abia, cocoa prices surged from NGN4 million per ton last week to the current rate of NGN4.5 million per ton, as reported by Cocoa Association of Nigeria official Mazi Uche.

In Ogun, located in Nigeria’s southwest, cocoa is now trading between NGN4.4 million and NGN4.5 million per ton, up from NGN4.2 million per ton last week, according to trader Nojeem Olomide.

These price hikes are attributed to the depreciation of the national currency and a shortage of cocoa in the market.

Gbenga Samson
Gbenga Samsonhttp://ThisDayLive.com
Samson Gbenga Salau [Editorial Board Adviser] Gbenga Samuel Salau is a professional journalist with over 17 years experience in journalism, he is a graduate of Communication and Language Arts, University of Ibadan. On completion of his youth service, he joined The Guardian as a freelance journalist and was later absorbed as a staff. While in the University, he was a campus journalist reporting for the Independence Hall and Faculty of Arts Press Clubs. As a campus journalist, he won the following awards; Independence Hall Press Best News writer; University of Ibadan Union of Campus Journalists’ Best News Reporter/Writer; First Runner-up, Reuben Abati Award for Investigative Journalism; Association of Faculty of Arts Students’ Press Best Reporter; University of Ibadan Union of Campus Journalists’ Best Political Writer; Winner, Reuben Abati Award for Investigative Journalism, and University of Ibadan Union of Campus Journalists’ Best Interviewer. He served the Association of Communication and Language Arts Students, as the Public Relation Officer, the same year he was appointed the News Editor of the Association of Faculty of Arts Students Press. The following session, he was made the General Editor, and a member of the 13-man University of Ibadan Students’ Union Transition Committee. As a reporter in The Guardian, in 2014, he won the Promasidor Quill Award Best Report on Nutrition and DAME Business Reporting category. In the 2015 edition of the Promasidor Quill Award, he won the best Report on Nutrition and Brand Advocate Categories, while in 2016, he won the NMMA Print Journalist of the Year, first runner-up Golden Pen Reporter of the Year and SERAs CSR Awards. Gbenga Salau loves traveling, reading, and listening to songs with good lyrics no matter the genre.

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