COCOA EXPORTERS AND FARMERS REJOICE AS PRICE OF COCOA RISES

Global cocoa prices, which forced farmers to abandon their plantations in 2016, are picking up gradually.

In 2016, the price of cocoa fell from $3,500 to $1,400 per tonne due to a glut in the market caused by excess production of 400,000 tonnes. Since then, cocoa farmers and exporters have not been finding easy to make ends meet.

But, their story is changing as the two-year meltdown in the global cocoa market seems to be coming to an end. The price of a tonne of cocoa last month ending rose to $1,515 from $1,456 on February 14.

Welcoming the development, the National Cashew Association of Nigeria (NCAN) President, Mr. Tola Faseru, said many farmers had abandoned cocoa production because of meltdown. He said farmers and exporters lost billions to the fall in prices.

Faseru said with rise in cocoa price the wild ride of the past two years was over and farmers were poised to head back to the farms.

The International Cocoa and Coffee Organisation reported in 2015 there was a boom with growing demand, particularly in the new markets of China and India. This pushed farmers to produce a surplus of 400,000 tonnes of cocoa against the four million tonnes yearly supply. In 2016 and 2017, there was another surplus of about 400,000 tonnes.

The massive oversupply, which followed led to global glut, he said, was detrimental to cocoa production with high price fluctuation. With the price gradually picking, he advised that production should not be dropped and the quality of the crop should be controlled by halting early harvests. (Nation)

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