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Tag: Cocoa

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Cocoa price surges to N15m per tonne

The Cocoa Research Institute of Nigeria, located in Ibadan, Oyo State, announced on Thursday that cocoa prices have surged to an all-time high of N15 million per tonne, up from N1.8 million in January 2024. This was disclosed by the institute’s Executive Director, Patrick Adebola, during a joint press conference marking CRIN’s 60th Anniversary and […]

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Cocoa price drop 26% amid increase in Nigeria’s output

Cocoa prices have recently experienced a significant decline by 26%, driven primarily by a surge in output from Nigeria coupled with abundant rainfall. Nigeria, ranking as the world’s fifth largest cocoa producer, reported a noteworthy 19% year-on-year increase in its March cocoa exports, totaling 22,199 metric tonnes, according to nairametrics. Following a period of record […]

Cocoa hits largest weekly gain in 24 years at $6,470 as Nigeria's supply drops
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AFREXIM, Fidelity Bank, JohnVents sign $40m cocoa export deal

Fidelity Bank, African Export-Import Bank, and JohnVents Industries struck a $40 million cocoa export transaction at the Fidelity Bank International Trade and Creative Connect in Houston, Texas. The Punch reported that according to a bank statement issued on Sunday, the $40 million pre-export finance facility was signed at the trade show. AFREXIM Bank would provide […]