Nigeria Aims to Increase Cocoa Production Amid Rising Global Prices
Nigeria is seeking to expand its cocoa industry in light of soaring global prices, aiming to compete with Ivory Coast and Ghana. The country aims for an ambitious production target of 500,000 tonnes by the 2024-2025 season, despite facing challenges such as small-scale farming and environmental concerns.
The significant rise in cocoa prices is prompting Nigeria to enhance its position in the global cocoa market, aiming to rival leading producers Ivory Coast and Ghana, whose production has been compromised by climate issues and disease. With cocoa prices reaching record highs of $12,000 per tonne in December, interest in Nigerian cocoa beans is revitalizing, offering potential for economic diversification.
Nigeria’s ambitions to elevate its cocoa production face challenges, yet the potential is apparent amid soaring global prices. Efforts to modernize agriculture and support small farmers are essential for achieving the government’s target of 500,000 tonnes and ensuring sustainability. A collaborative approach that includes better farming practices and environmental considerations will be crucial for Nigeria’s success in the cocoa sector.
Original Source: business.inquirer.net
