By Obafemi Oredein
Cocoa prices have seen an increase this week in several key cocoa-producing states in Nigeria, while remaining steady in others. Industry officials and traders have reported the fluctuations in prices.
Cross River State
In Cross River, the country's second-largest cocoa producer, graded cocoa that has been certified for export is currently trading at NGN 2.4 million to NGN 2.5 million per ton. This represents a slight increase from last week's price of NGN 2.35 million per ton.
Osun State
Cocoa prices in Osun, the third-largest cocoa producer in Nigeria, have experienced a notable rise. The commodity is currently being traded at NGN 2.2 million per ton, up from NGN 1.95 million on August 9.
Ondo State
Ondo, the largest cocoa grower in Nigeria, has witnessed a slight decrease in cocoa prices. The commodity is currently fetching between NGN 2.15 and NGN 2.2 million per ton, down from NGN 2.3 million per ton on August 9.
Ogun State
Meanwhile, cocoa prices have risen in Ogun State, located in the southwest region. The current price stands at NGN 2.1 million per ton, compared to NGN 2 million per ton a week ago.
Edo and Abia States
Cocoa prices in Edo, the largest cocoa producer in the midwest region, remain steady at NGN 2.2 million per ton. In Abia State, located in the southeastern region, the commodity is priced at NGN 1.78 million per ton.
These developments in cocoa prices reflect the ongoing dynamics of the market in Nigeria's key cocoa-producing states. Traders continue to closely monitor these fluctuations in order to make informed decisions.
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