Cocoa Prices Increase in Nigerian States
Cocoa prices have increased in Ogun, Cross River, and Ondo states, while Edo's prices have remained stable.
Cocoa prices have witnessed an upward trend this week in several Nigerian states, including Ogun, Cross River, and Ondo, according to industry officials and traders. Meanwhile, prices have remained stable in Edo.
Ogun, known for being one of Nigeria's key cocoa-producing states in the southwest region, has seen a rise in prices for graded cocoa. This cocoa, which has obtained certification for export, is currently trading at 2.1 million to 2.15 million Nigerian naira ($2,708-$2,773) per metric ton. This represents an increase from the range of 1.95 million to 2 million naira reported last week. According to a trader, the quality of the cocoa plays a significant role in determining prices in Ogun. However, farmers are facing challenges in sun-drying the cocoa due to heavy rainfall.
Cross River, Nigeria's second-largest cocoa-producing state, has also experienced a price hike. Cocoa is now priced at 2.1 million naira per ton, compared to 2.02 million naira just a week ago. Sayina Riman, a prominent cocoa merchant, provided this information.
Ondo, which holds the distinction of being Nigeria's largest cocoa producer in the southwest region, has witnessed an increase in prices as well. The current price of cocoa stands at 2.20 million naira per ton, a significant rise from the previous price of 1.9 million naira recorded on July 26th. According to a trader from a local cocoa-exporting company based in Akure, the state's largest city, this upward trend is evident.
Edo, the largest cocoa producer in Nigeria's midwest region, has managed to maintain stable cocoa prices. The current price remains at 2.1 million naira per ton, as reported by industry sources.
Conversely, cocoa prices in Abia state, located in southeastern Nigeria, have dropped slightly. The commodity is currently trading at 1.75 million naira per ton, a decrease from last week's price of 1.85 million naira. Mazi Uche, a representative from the Cocoa Association of Nigeria, presented this information.
In conclusion, cocoa prices have experienced varying movements across different states in Nigeria. While prices have increased in Ogun, Cross River, and Ondo, Edo's prices have remained steady. Abia stands out as the only state where prices have slightly decreased.