Nigeria, Cote d’Ivoire, Ghana and other cocoa-producing countries are set to make over $21 billion as the demand for cocoa rises. This development comes despite the ravaging effect of the harmattan, which plundered cocoa flowers and buds off trees before they grow into pods.
The commodity is being used for cocoa butter, paste and cake.
According to the International Cocoa Organisation (ICCO), the price of the product, which is used for cocoa butter, paste and cake, in the global market was $2,998.47 per metric ton as at February 25, 2016.
Other cocoa producing countries are Cameroon, Indonesia, Malaysia, Papua New Guinea, Brazil, Ecuador and Colombia.
Statistics revealed that consumers of the product would need 2, 713,326 metric tons for cocoa powder, 2, 474,778 metric tons for cocoa cake and 1,962, 446 metric tons for cocoa paste.
Nigeria exported N375.2 billion worth of cocoa between 2012 and 2014, with the country recording the highest exportation of cocoa valued at N131.2 billion in 2014, generated N140billion in 2012 and 104 billion in 2013.
About 85% of the country’s cocoa is exported as beans, mostly to the Belgium, United Kingdom and other European countries. Germany and the Netherlands are the largest consumers
