Search Results for: Nigeria

BARRY CALLEBAUT REWARDS NIGERIAN COCOA FARMERS FOR SUSTAINABLE FARMING

Barry Callebaut Group has launched a new initiative that will reward the Nigerian Cocoa farmers who uphold sustainable farming practices. The management of Barry Callebaut Nigeria will pay qualifying farmers in Ondo and Cross River states a total additional premium of 26 million Naira (circa US$60,000) for sustainable Cocoa beans delivered in the 2021-2022 season. […]

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cocoa pod

NIGERIA’S ENTHUSIASM TO OUTPERFORM GHANA AND IVORY COAST COCOA PRODUCTION

Since the beginning of 2022, one of the major announcements that dominated news within the cocoa chocolate sector was Nigeria’s announcement to revive its cocoa sector with the ambition to overtake Ghana and Ivory Coast to become the global leader in cocoa production by 2027 and I considered whether this was political rhetoric. However, to not

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NIGERIA ESTABLISHES NEW COMMITTEE TO REGULATE COCOA SECTOR

Nigeria’s government has created a new committee that develops and monitors the country’s Cocoa sector and makes its activities more transparent in the process. The Minister of Agriculture and Rural Development, Dr Mohammad Abubakar, inaugurated the National Cocoa Management Committee (NCMC). The Permanent Secretary of the ministry, Dr Ernest Umakhihe, said this was in line

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cacao seller

NIGERIA WANTS PRODUCTION OF 500K TONNES BY 2024. IS THAT REALISTIC?

The Nigerian Government stated last week that it was committed to increasing Nigeria’s cocoa production to 500,000 tonnes by 2024. The country, which is the fourth largest cocoa producer in the world, is expected to have a slight drop in production this year to around 270 -280,000 tonnes. Meeting the goal a mere two years

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Nigerian Currency

WEAK CURRENCY AND HIGH PRICES A DOUBLE-WHAMMY FOR NIGERIAN COCOA FARMERS 

Nigerian Cocoa farmers are growing concerned that they will soon be unable to afford the necessary farming supplies to carry out their duties. The price of chemicals and other farming inputs is reportedly rising, according to information provided by chemical dealers and traders in the area. This, combined with rising transportation costs and a weakening

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nigeria cocoa

NIGERIA READY TO JOIN ‘COCOA OPEC’ AND LID SYSTEM

In 2019, Ghana and Côte d’Ivoire, which account for around 60% of global cocoa production, set up the Living Income Differential system (LID). The LID system aimed to boost the income of the poorest cocoa growers in the West African regions by charging a premium to the multi-billion dollar chocolate industry purchasing their beans. It

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