Are you a producer? An industrialist or one of those people whose main source of income comes from selling those sweet and tasty cocoa products often hard to resist and would love to know what it costs to procure the very material upon which your entire production depends? Well, if you want to know the price of cocoa in Nigeria, feel free cos on this page, we have made it free and what’s more?
We have made it easy for you to know where to know the price of cocoa in Nigeria as well as where to buy cocoa at a very cheaper rate within Nigeria.
What is Cocoa?
Just to give a brief description, cocoa or cocoa bean is dry and fully cemented see of a plant called Theobroma Cacao. Obtained from cacao are 2 major raw materials; Cocoa Solids which comprises of a mixture of Nonfat substances and Cocoa Butter which is the fat also extracted from cocoa – Wikipedia
Cocoa is one of the most important agricultural products ever produced in Nigeria. Aside Oil Palm, Cotton, peanuts, cowpea and rice, Cocoa is most admired for its export values.
Legend has it that Cocoa is the major exportation of the western people of Nigeria but that was before the discovery of Crude in Oloibiri back in 1952.
After discovering Crude, realizing how lucrative the crude oil business is, a lot of farmers deviated from massive production of Cocoa which meant other countries had to build up the pace and gradually took the record from Nigeria.
Current Price of Cocoa In Nigeria
As a cost researcher, I must say there is no single price tag for cocoa in Nigeria. This is because cocoa as agricultural produce is produced in different states of the federation especially around western states such as Ondo, Edo, Osun and Cross River states.
On average, the price of a tonne of cocoa in Nigeria ranges from 700,000 – 761,000 and this depends on the state where the supply is coming from.
It is also very important to mention that Cocoa is most cheaper in states with a higher supply like Ondo and Cross River States
Price of Cocoa In Nigeria Based on Location
1000kg of cocoa costs 738,000 – 761,000 in Idanre, Ondo state
1000kg of cocoa costs 722,000 – 751,500 in Ore, Ondo state
1000kg of cocoa costs 701,000 – 722,000 in Ikom, Rivers state
In Akoko Edo, Edo state, 1000kg of cocoa costs 721,000 – 742,000
in Ife Central, Osun State, 1000kg of cocoa costs 731,000 – 752,000
While we have seen the average price of cocoa in Nigeria, someone may want to ask! Why is cocoa so expensive?
Well, to explain that, let us see some of the products that are made from cocoa. Maybe this will help us appreciate it a little more
Why is cocoa so Expensive?
Cocoa is one of the most expensive agricultural produce from Nigeria and there are a lot of reasons for this.
Many of these reasons include its roles in the Beverage, Medical industries! Let’s consider a few products made from cocoa
Do you know there are different beverage products whose production depends largely on cocoa? In Nigeria, beverages like Bounvita, Choco Pops, Cadbury beverage drinks, etc are all in existence because cocoa is there to serve as a raw material. There are also other foreign products like Hot Choco drink, ice-creams, etc.
2. Cocoa Powder
As cocoa bean dries, it is fermented and roasted and then ground into a very fine powder. This powder is used in the pastry industries to make pastry stuff like Chocolate cake, desserts.
3. Cocoa Liquor
By liquor, I know you expect us to mention some alcoholic drink but this is not the case here. By cocoa liquor, We are referring to a kind of solid unsweetened baking chocolate powder that is industrially employed as a base for chocolatey products.
4. Cocoa Based Moisturizers
Do you know the cosmetic industry also employs cake for the production of beauty products? These are gotten from cocoa butter.
Cocoa butter is best described as a luxuriously thick butter with a distinct smell. This product is best known as White chocolate
5. Animal Feed
It might shock you to know that our farm animals also enjoy cocoa flakes. Cocoa flakes are made by slicing cocoa husks into flakes and drying these. These flakes are minced, dried and served for the enjoyment of our farm animals
They enjoy this a lot
6 Medical Benefits
There are medical reasons why the price of cocoa in Nigeria is so high, this is because Cocoa according to recent research, helps fight heart diseases as well as improves blood vessels functions
Another medical research also eating dark chocolate or other products from cocoa for some people of the time ( say 3 – 9 weeks) helps lower blood pressure
One more thing, Cocoa curbs Chronic Fatigue syndrome as well as help reduce anxiety and depression.
Wrapping Up – Price of Cocoa In Nigeria
While Crude oil currently stands as the most exported commodity for Nigerian Government, it could be said that Cocoa remains one of the oldest source of income for the nation. From our cost research which involved travelling to areas known for high cocoa exports such as Idanre city of Ondo state and Akoko Edo in Edo state, regular communication with other sellers from other states, it can be said that the average cost for 1 tonne of cocoa ranges from 701,000 – 761,000 with Oando and River States being the location for cheapest Cocoa in the country.
We also highlighted a few reasons why cocoa is such an expensive commodity and from this section we realized its more than just a raw materials but also a source of feed for farm animals.
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