(Ecofin Agency) - The prices of Cocoa in Nigeria are decreasing due to the poor quality of the beans from intermediate harvest, according to the Cocoa Association of Nigeria (CAN).
“The quality of the cocoa is poor, the weight of the beans (intermediate crop) is very bad due to late and insufficient rainfall,” said Vincent Ohwojakpor, Vice president of CAN. He said in Ekiti and Edo, cocoa is currently sold at N650, 000 and N600, 000 respectively, against N900, 000 and N700, 000 respectively in February. Meanwhile, in Ondo and Osun, a ton of cocoa is trading at N700, 000 as compared to N800, 000, last month.
While prices dropped in other states, it remained the same in Abia and Cross River ranging between N700, 000 and N800, 000 per tonne.
With over 84 million hectares of arable land of which only 40% is cultivated, Nigeria is currently the seventh largest cocoa producer in the world.