Cocoa prices in multiple Nigerian states rose this week due to a combination of factors, according to industry experts and traders.Thank you for reading this post, don't forget to subscribe!
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.