Nigeria seeks to increase its cocoa production in response to soaring global prices, aiming to become a significant competitor to top producers. Recent investments emphasize a potential shift towards growth in the sector, although challenges related to land access and sustainable practices remain. The government’s regulatory efforts aim to support small-scale farmers and promote environmentally sound farming methods.
The surge in cocoa prices has prompted Nigeria to seek a more substantial role in the global cocoa market, potentially rivaling major producers such as Ivory Coast and Ghana, which have suffered from climate challenges. Investors are increasingly attracted to cocoa cultivation as global prices reached record levels, making it a viable alternative to Nigeria’s oil-dependent economy.
As of 2023, Nigeria ranks as the seventh-largest cocoa producer, yielding over 280,000 tonnes, and aims to increase production to 500,000 tonnes by the 2024-2025 season. Despite skepticism about achieving this target immediately, industry leaders foresee potential growth through rehabilitating existing plantations and starting new ventures.
The current regulatory framework, which differs significantly from that in Ivory Coast and Ghana, has made Nigerian farmers more susceptible to market price fluctuations. Cocoa prices, while falling from December’s peaks, remain significantly higher than historical averages, encouraging new investments at all levels of production.
While Nigeria’s cocoa production has not been severely impacted by climate change, there are environmental concerns linked to monocrop farming practices promoted by agricultural modernization efforts. Initiatives are underway to regulate the cocoa sector better and support local farmers through the National Cocoa Management Committee.
Challenges persist as most cocoa in Nigeria is cultivated by small-scale farmers lacking necessary resources for expansion. While there is abundant land available, investment in farming techniques and infrastructure is critical for sustainable growth. Prominent figures in the industry emphasize that comprehensive support for farmers, including seedlings and training, will be essential for Nigeria to reclaim its position as a leading cocoa producer.
Nigeria’s initiatives to enhance its cocoa production amid soaring global prices showcase its potential to emerge as a key player in the cocoa industry. By addressing challenges related to regulatory frameworks, environmental sustainability, and farmer support, Nigeria can work towards achieving its ambitious production targets. This strategic shift aligns with broader efforts to diversify the economy beyond oil dependence.
Original Source: www.iosconews.com
