Nigeria is turning its focus to cocoa farming amidst soaring global prices, seeking to compete with top producers like Ivory Coast and Ghana. With plans to ramp up production to 500,000 tonnes by 2025, Nigeria faces both opportunities and challenges, particularly regarding land, money, and sustainability in farming practices.
In light of rising global cocoa prices, Nigeria is exploring opportunities to enhance its position in the cocoa industry, aiming to compete with leading producers Ivory Coast and Ghana. The country’s cocoa output has attracted investor interest, especially after record prices reached $12,000 per tonne in December. Patrick Adebola of the Cocoa Research Institute indicated that farmers are benefiting significantly from these price increases.
In 2023, Nigeria produced approximately 280,000 tonnes of cocoa, ranking seventh in the world. The government has ambitious plans to increase production to 500,000 tonnes in the 2024-2025 season, which would bolster its global standing. Despite skepticism about reaching this target immediately, Adebola is optimistic about rejuvenating old plantations and establishing new ones in the future.
Currently, Nigerian farmers experience the volatility of the global cocoa market more than their counterparts in regulated markets like Ivory Coast and Ghana. Even with recent declines, cocoa futures remain high, exceeding $8,000 per tonne. Comrade Adeola Adegoke of the Cocoa Farmers Association reported a surge of investment by individuals exploiting the favorable pricing to invest at all production levels.
While Nigeria has an opportunity to increase cocoa production, the country must balance expansion with environmental concerns arising from monocrop cultivation. The National Cocoa Management Committee, formed in 2022, aims to oversee the industry and aid farmers, but concerns remain about sustainable practices amidst a push for monocrop farming.
The expansion of Nigeria’s cocoa sector faces challenges, particularly as many farmers operate on small scales. Peter Okunde, a farmer, articulated the need for larger land plots and capital to grow his operations. Nonetheless, John Alamu of Johnvents asserted that land availability is less of an issue than the support and training provided to farmers, advocating for a comprehensive approach to revive Nigeria’s cocoa leadership.
Nigeria is positioning itself to capitalize on soaring cocoa prices, aiming to enhance its production capacities and compete with the top cocoa producers globally. Despite challenges such as small-scale operations and environmental concerns from monoculture, the government’s initiatives and rising investor interest may pave the way for a prosperous future in the cocoa sector. Achieving sustainable growth will require holistic support for farmers, including funding, education, and a focus on sustainable practices.
Original Source: www.iosconews.com
