Why Price Of Nigeria’s Cocoa Is High In International Market – President CFAN

By Ayodele Oni

The National President, Cocoa Farmers Association of Nigeria {CFAN}, Ademola Adegoke has observed that Nigeria’s deregulated economy has led to rise in the price of cocoa.

According to him, Nigeria Cocoa farmers are presently enjoying best of the moment due to the skyrocketing prices of cocoa beans at the international markets.

He pointed out that Cocoa farmers in the country have not had it so good since after the abolition of the cocoa board in 1986.

Investigation reveals that between March and April, the price of cocoa is one thousand naira per kilogramme, the highest recorded of recent.

In a statement on Saturday, Adegoke stated that cocoa farmers in other West African countries like Ghana and Ivory Coast are not enjoying the present high cocoa price.

“This is due to the system of their cocoa economy which does not give them the opportunity to enjoy the present surge in cocoa prices due to the future contract being executed by their respective cocoa boards.

“In fact, we were reliably informed that the price the two respective giant cocoa origin countries are paying their cocoa farmers were the prices of cocoa as at April, 2023.”

He advised that what Nigeria needs is to firm the control of cocoa economy in order to increase the production and productivity of smallholder cocoa farmers.

This, he said, could be achieved  through the provisions of subsidized farm inputs, credit facility, capacity building, thereby improving their livelihoods.

“We must start to regulate and promote the Nigerian cocoa economy through the National Cocoa management Committee (NCMC) where more investment into the sector will be guaranteed.

“If the Committee can achieve stable regulatory framework that controls quality, smuggling, pesticides control, extension management, R&D, traceability, FMAFS & State Cocoa Producing Governments synergy, child labor eradication, deforestation control and National Cocoa Plan implementation.

“The NCMC must not get involved in buying and selling of cocoa beans except cocoa beans stabilization support funding in future when necessary especially when cocoa price nosedived downward beyond cocoa farmers economic capacity as being done in other developed countries on other commodities.

“Nigeria is moving towards a sustainable cocoa economy with a renewed hope agenda of the present administration.”