From boom to bust, cocoa farmers across Southwest Nigeria are reeling as prices plunge—leaving many broke, discouraged, and abandoning farms.
Cocoa farmers in Ondo, Osun, and Ekiti states are sounding the alarm over a massive crash in cocoa prices—one that has wiped out profits, deepened debt, and triggered fears of a looming crisis in the sector.
What was once a golden season in 2024 has turned sour, with prices crashing by over 70%. Farmers say cocoa that sold for about ₦14,500 per kilogram last year now goes for as low as ₦2,000–₦2,500, even as costs of labour and farm inputs keep rising.
For many, the impact is brutal—struggling to meet daily needs, abandoning farms, and in some cases, battling depression.
Across the value chain, the pain is widespread. Local buyers and dealers say losses have forced many out of business, with some reportedly going bankrupt.
Farmers are now calling for urgent government intervention, including the creation of a National Cocoa Management Board to regulate prices and protect producers—similar to systems in countries like Ghana and Ivory Coast.
Others want subsidies on fertilisers, pesticides, and other inputs to ease production costs, especially for young farmers already discouraged by the downturn.
Experts say the crash is partly due to global market correction after previous price spikes, increased supply, and currency shifts. But they warn that without strong policies, Nigeria risks farm abandonment, rural hardship, and long-term damage to its cocoa industry.
Despite the setback, some stakeholders remain hopeful that prices will rebound, urging farmers to stay invested while pushing for reforms to stabilise the sector.
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