Cocoa price hits N15m per ton, says CRIN ED

The Executive Director, Cocoa Research Institute of Nigeria (CRIN), Ibadan, Dr Patrick Adebola, has said that the price of cocoa reached an all-time high of N15 million per ton from its previous price of N1.8 million as at January 2024.

Adebola made this known while addressing newsmen on the occasion of CRIN’s 60th anniversary and the hosting of the 18th edition of the Research Institutes Games of Nigeria (RIGAN) by the institute.

Adebola attributed the sharp increase in the price of the crop to disease outbreak in Cote d’Ivoire and Ghana, the leading producers of cocoa in the world, a situation that has led to about 40 per cent loss of the crop in the two countries.

“Cote d’Ivoire is the largest producer of cocoa producing about 2 million metric tons followed by Ghana with 900,000 metric tons. Nigeria is still 300,000 tons. Meanwhile, we have more land and everything than both countries.

“As at January this year, a ton of Cocoa used to sell for N1.8 million, the price has risen to about N15 million per ton but has now stabilized at N12 million now. That is to tell you that Cocoa production is no joke, it is the way to go now.

“If you have one hectare of land, it will give you 1111 trees, if you do 3mtr by 3mtr spacing. In a year, it will give you at least 1.5 tons and one ton is N12 million. All you need on Cocoa farm management is just to ensure that fire does not get into the farm and making sure you do your spraying when it is fruiting and the weeding that’s all. No cost maintenance and cocoa can last for a lifetime and you can even hand it over to your children to inherit,” Adebola said.