ABUJA, Nigeria (VOICE OF NAIJA)- On Thursday, the Cocoa Research Institute of Nigeria (CRIN) in Ibadan, Oyo State, announced that cocoa prices have surged to an unprecedented N15 million per tonne, up from N1.8 million in January 2024.
The Executive Director of CRIN, Patrick Adebola, made this statement during a press conference held to mark the institute’s 60th anniversary and the hosting of the 18th edition of the Research Institutes Games of Nigeria.
The event took place at the CRIN conference hall in Idi-Ayunre, Ibadan.
Adebola attributed the sharp rise in cocoa prices to an outbreak of disease in Côte d’Ivoire and Ghana, the world’s largest cocoa producers, which has led to a 40% loss of the crop in both countries.
“Cote D’Voire is the largest producer of cocoa, producing about two million metric tonnes, followed by Ghana with 900,000 metric tonnes. Nigeria is still 300,000 tonnes. Meanwhile, we have more land and everything than both countries. Nigeria can become number one.
“The country has the potential to become the highest producer of Cocoa and boost its foreign exchange earnings if adequate attention is given to the sector by the government.
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“I believe that the current administration of President Bola Tinubu is doing the right thing because I can see a lot of improvements in terms of support to farmers. That support should reach the right farmers and not the political farmers.
“As of January 2024, a tonne of Cocoa used to sell for N1.8m, the price has risen to about N15m per tonne but has now stabilised at N12m. That is to tell you that Cocoa production is no joke, it is the way to go now. “
He urged Nigerians, particularly the youth, to engage in agriculture, with a focus on cocoa, cashew, and other crops, as a means to increase income and strengthen the economy.
“So, agriculture is where to go. That is why we are encouraging our youths to take advantage of age and go into tree crop farming such as Cocoa. They will never regret it,” he said.
The Executive Director highlighted that 22 states across the Federation, including those in the South-West, South-South, South-East, as well as Adamawa and Taraba, possess fertile soil suitable for profitable cocoa cultivation.
However, Adebola advised those interested in cocoa farming to conduct soil tests before planting.
In addition, the National President of RIGAN, Oluwaferanmi Owolade, emphasized that the purpose of the annual games is to promote unity by bringing together athletes from research institutes across the country and to uncover hidden talents.
Owolade also pointed out that the games have, over the years, produced notable athletes such as Austin Eguavoen, Mutiu Adepoju, Dimeji Lawal, and many others.