Cocoa Farmers Raise Alarm Over Persistent Price Volatility

 By Kehinde Awosina 




Cocoa farmers across Nigeria have expressed growing concern over the continued instability in cocoa prices, warning that the fluctuations are threatening their livelihoods and the sustainability of cocoa production in the country.


Industry stakeholders say the sharp decline in cocoa prices after the record highs recorded in 2024 has left many farmers struggling to recover investments made during the boom period. Reports indicate that cocoa prices have fallen significantly from previous peak levels, reducing profit margins and making it difficult for farmers to cope with rising production costs.


The Director-General of the Cocoa Roundtable Initiative (CORI), , warned that the current downturn could worsen poverty among smallholder farmers if urgent measures are not taken. He noted that while farmers benefited from the earlier surge in global cocoa prices, the present decline has exposed them to severe economic risks.


According to stakeholders, the fall in prices has not been matched by a reduction in the cost of farm inputs, leaving many producers unable to maintain profitability. Farmers in major cocoa-producing states, including , and , have reportedly called for government support through subsidies and intervention programmes to cushion the impact of the market downturn.


There are also fears that prolonged price instability could affect cocoa quality, as some farmers may cut costs or abandon their plantations altogether. Agricultural experts have warned that continued losses could push farmers to replace cocoa farms with alternative crops, potentially affecting Nigeria’s position in the global cocoa market.


Meanwhile, developments in the global cocoa market remain uncertain. Concerns over weather conditions linked to a possible El Niño event and supply challenges in major producing countries continue to influence market expectations, adding to worries about future price movements.


Farmers are therefore urging the Federal Government and relevant stakeholders to implement policies that can help stabilize prices, protect producers from market shocks, and ensure the long-term growth of Nigeria’s cocoa industry.


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