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By agronigeria - December 5, 2017
Cocoa farmers 300x220The Federal Government has hinted that it is expecting more than N240 billion as revenue from the sale of cocoa this year. This comes as exporters operating at the Lagos ports, confirm that a large chunk of cocoa had been exported.
President of Cocoa Association of Nigeria (CAN), Sayina Riman had informed cocoa producers to expect increased yields.
The 2016/2017 cocoa season, which ended about three months ago, was reported to have recorded a surplus of 720,000 metric tonnes of cocoa beans valued at N504.1 billion.
Nigeria is expected to produce over 300,000 metric tonnes of the produce this year because of the favourable weather condition experienced in the last quarter of the year.
Meanwhile, the International Cocoa Organisation (ICCO) has predicted that a high production of cocoa beans would be witnessed this year in West Africa. According to the body, Nigeria and Cameroon were reporting good yields from harvests.
ICCO had last year foretold that major West African cocoa producers, including Nigeria, Ghana and Ivory Coast would record a deficit of 147,000 metric tonnes in cocoa production valued at N128.73 billion in the first quarter of the year due to the harmattan period.
It also predicted that demand for the produce would surpass supply in 2016, as global industry deficit forecast was estimated at 308,000 from an earlier forecast of 113,000 tonnes in its previous report in February, 2016.
But such forecasts did not come to pass because of the favourable weather witnessed in West Africa in the second and third quarters of the year.
A research firm, Business Monitor International (BMI) had already projected a growth rate of 15.2 per cent for cocoa production in the same period.
It was also gathered that a metric tonne of cocoa beans has gone up to $2,122.32 from $1,945 per metric tonne since June, because of the soaring demand for products made from cocoa like cereals and chocolate.
ICCO says traders are now talking about increased demand as prices currently appear attractive for grinders and chocolate manufacturers.
https://agronigeria.com.ng/nigeria-anticipates-n240-bn-cocoa-exports/

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2nd Floor Bank of Industry Building 
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Mobile: +234 (803) 3174409...................sssss