Cocoa Prices Fall in Nigeria’s Ekiti State; Governorship Election to Halt Trading

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By Obafemi Oredein

Special to Dow Jones Newswires

IBADAN, Nigeria–Cocoa prices fell this week in Nigeria’s Ekiti state, where markets will be closed Saturday due to the governorship election there, traders said Friday.

Graded cocoa certified fit for export by government inspectors is trading in the state, located in the country’s southwest region, at 980,000 Nigerian naira ($2,357) a metric ton compared with NGN990,000 last week, according to a trader.

The trader attributed the fall in Ekiti’s cocoa prices to the low quality of midcrop cocoa on sale due to the dry spell that hindered cocoa development in the state.

The transportation and marketing of cocoa will stop in Ekiti on Saturday because of the governorship election in the state, the trader said. Farmers won’t go harvest cocoa and gasoline stations won’t open as private and public vehicles won’t be on the roads while ballots are being cast during the poll, he said.

The election is being held as the incumbent governor of Ekiti state, Kayode Fayemi of the ruling All Progressives Congress who was elected in 2018, ends his four-year term in office.

Observers said the election will largely be a contest between Biodun Oyebanji, the APC candidate, and Bisi Kolawole of the Peoples Democratic Party.

Write to Barcelona editors at barcelonaeditors@dowjones.com

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