Cocoa farmers and stakeholders across Oyo, Ogun, and Kwara are sounding the alarm over a sharp 70% drop in cocoa prices—from ₦2.5 million per tonne to just ₦700,000—warning that the collapse is threatening livelihoods and investment in the sector.
Speaking to NAN, Adeola Adegoke said the price crash has forced new farmers and investors to retreat, reversing the gains of a decade-long boom that had encouraged youths to return to farming and rehabilitate abandoned lands. He called for urgent government action, including revisiting the Executive Bill for the creation of a National Cocoa Board, to establish a clear price regime and support farmers with subsidised inputs and resilient cocoa varieties.
Felix Oladunjoye added that the lack of a coordinating agency since the dissolution of the Nigeria Cocoa Board in 1986 has left the industry vulnerable to market shocks. He highlighted global challenges, including international market fluctuations, post-COVID recovery, and regulations like the EU Deforestation Regulation, which demand structured oversight.
Farmers like Niyi Odeyale reported struggling to meet basic needs due to plummeting prices, while stakeholders urged the government to provide affordable loans, subsidised inputs, and infrastructure to stabilise the industry. Despite the downturn, many farmers remain committed to cocoa, hoping for price recovery and long-term support.
The call is clear: Nigeria’s cocoa sector needs a legally backed board and stronger government intervention to protect farmers, boost production, and safeguard the nation’s position in the global market.
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