Cocoa rush: Farmers revive old trees amid price surge

Nigeria’s cocoa farmers are capitalizing on soaring cocoa prices, swiftly planting high-yield seedlings to maximize profits. With prices skyrocketing six-fold, investments are pouring in, attracting both existing farmers and newcomers to expand cocoa production. The surge in demand has spurred farmers to replace less lucrative crops with cocoa, leading to optimism for a significant production increase. Despite challenges like encroachment into forest-reserved areas, the momentum is driving a resurgence in Nigeria’s cocoa sector. This renewed focus on cocoa could potentially triple production, boosting income for millions reliant on cocoa farming. It’s a pivotal moment for Nigeria to reclaim its cocoa crown and revitalize its position as a major cocoa producer globally. The government’s full support is crucial to sustaining this momentum and solidifying cocoa’s status as a cornerstone of Nigeria’s agricultural economy. SOURCE: BUSINESS DAY

OUR REVIEW:

Nigeria’s cocoa industry is experiencing a remarkable resurgence, fueled by a six-fold surge in cocoa prices. This unprecedented price hike has prompted cocoa farmers to swiftly invest in high-yield seedlings, with both established and new farmers expanding cocoa cultivation. Despite challenges such as encroachment into forest-reserved areas, optimism prevails for a substantial increase in cocoa production. This renewed focus on cocoa presents an opportunity to potentially triple production, benefiting millions dependent on cocoa farming. However, sustained government support is essential to maintain this momentum and solidify cocoa’s pivotal role in Nigeria’s agricultural economy. As Nigeria aims to reclaim its position as a leading cocoa producer globally, strategic investments and policies are imperative for long-term success.