The price of cocoa has skyrocketed to an unprecedented N15 million per tonne, up from just N1.8 million in January 2024, according to the Cocoa Research Institute of Nigeria (CRIN), based in Ibadan, Oyo State.
This dramatic price surge was discussed during a joint press conference celebrating CRIN’s 60th Anniversary and the 18th edition of the Research Institutes Games of Nigeria (RIGAN), held at the institute’s conference hall in Idi-Ayunre. Executive Director Patrick Adebola attributed the sharp increase to a disease outbreak affecting cocoa crops in Côte d’Ivoire and Ghana—the world’s top cocoa producers—resulting in a 40% loss of their crop yield.
“Côte d’Ivoire produces about two million metric tonnes of cocoa annually, followed by Ghana with 900,000 metric tonnes. Nigeria, however, produces only 300,000 tonnes despite having more land and resources. We have the potential to become the world’s largest producer and significantly boost our foreign exchange earnings if the sector receives adequate government attention,” Adebola said.
Adebola commended the administration of President Bola Tinubu for its support to farmers, emphasizing that this assistance must reach genuine farmers rather than “political farmers.”
As of now, the price has stabilized at N12 million per tonne, showcasing the immense value and potential of cocoa production. “Cocoa production is no joke; it is the way forward for Nigeria’s economy,” Adebola added, urging Nigerians—especially the youth—to embrace agriculture.
He highlighted the vast opportunities in cultivating tree crops like cocoa and cashew, noting that 22 states across South-West, South-South, South-East, Adamawa, and Taraba are well-suited for profitable cocoa farming. However, Adebola advised prospective farmers to conduct soil testing before planting to ensure optimal results.
Also present at the event, the National President of RIGAN, Oluwaferanmi Owolade, emphasized the importance of the annual games in fostering unity and nurturing talent. Over the years, the games have produced notable athletes such as Austin Eguavoen, Mutiu Adepoju, and Dimeji Lawal.
With its rich agricultural potential and rising global demand for cocoa, Nigeria stands at the threshold of a significant economic opportunity—one that could reshape its agricultural landscape and foreign exchange earnings.
