Cocoa Prices Rise in Nigeria’s Ondo State as Crop Quality Improves

Facebook
Twitter
WhatsApp

By Obafemi Oredein

Special to Dow Jones Newswires

IBADAN, Nigeria–Cocoa prices have risen in Ondo, Nigeria’s biggest cocoa-producing state, an industry official said Friday.

Graded cocoa is trading at 1.2 million Nigerian naira ($2,887) a metric ton, Segun Adewumi, executive secretary of the Cocoa Association of Nigeria, said. Graded cocoa has been certified fit for export by government inspectors.

Cocoa prices were NGN1.05 million to NGN1.1 million in Ondo on Wednesday, a trader said.

Prices rose in Ondo because the quality of the beans on sale improved while good weather persists, he said, adding that more buyers and exporters had increased cocoa purchases.

Ondo, located in Nigeria’s southwest region, has received adequate rainfall this year, he said. The states of Ogun, Oyo, Osun and Ekiti have had a dry spell for several weeks.

“Osun state had a dry spell for about three weeks in May,” Toba Adenowuro, a cocoa desk officer at the Ondo state Ministry of Agriculture, said, adding that he sees a good harvest in this year in Ondo if the favorable weather there continues.

Write to Barcelona Editors at barcelonaeditors@dowjones.com

Source link