What is the price of cocoa beans per kilogram/pound in Nigeria today?
The retail price range for Nigeria cocoa beans is between US$ 1.18 and US$ 5.85 per kilogram or between US$ 0.53 and US$ 2.65 per pound(lb). Click here to see today's exact prices of cocoa beans in Nigeria
The retail price range in Naira for cocoa beans is between NGN 543.04 and NGN 2,697.40 per kilogram or between NGN 246.28 and NGN 1,223.31 per pound(lb) in Abuja and Lagos.
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In 2024, the approximate wholesale price range for Nigeria cocoa beans is between US$ 0.82 and US$ 4.10 per kilogram or between US$ 0.37 and US$ 1.86 per pound(lb).
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Nigeria Cocoa Beans Export Prices - Historical, Trends and Prediction
The export price of Cocoa Beans from Nigeria has seen fluctuation over the past five years. In 2018, the export price per kilogram was $1.73, which decreased to $1.49 in 2019. In 2020, the price rose to $2.19, and in 2021 it fell again to $1.54. In 2022, the export price per kilogram was $1.08. Looking ahead, it is expected that the export price of Cocoa Beans from Nigeria will continue to fluctuate in the coming years. Predicted prices for 2023 and 2024 are $2.54 and $3.00 per kilogram, respectively.
Nigeria Cocoa Beans Import Prices - Historical, Trends and Prediction
The import price of Cocoa Beans into Nigeria has seen a steady increase over the past five years. In 2018, the price per kilogram was $2.45, which increased to $2.60 in 2019. In 2020, the price rose to $2.75, and in 2021 it further increased to $2.90. The most recent data shows that the import price of Cocoa Beans into Nigeria in 2022 was $3.05 per kilogram. Overall, the import price of Cocoa Beans into Nigeria has seen a steady increase of $0.15 per kilogram over the past five years. This trend is likely to continue in the coming years, and it is predicted that the import price of Cocoa Beans into Nigeria in 2023 will be around $3.20 per kilogram, and in 2024 it will be around $3.35 per kilogram.Export values for Nigeria cocoa beans
Prices of other produce in the Processed category in Nigeria: Milk & Cream, Yogurt, Kefir & Buttermilk, Whey, Butter, Cheese, Natural Honey, Coffee, Green Tea & Black Tea.
See prices of cocoa beans in other countries across Africa: Algeria cocoa beans, Angola cocoa beans, Botswana cocoa beans, Burundi cocoa beans, Cameroon cocoa beans, Cape Verde cocoa beans, Central African Republic cocoa beans, Comoros cocoa beans, DRC Congo cocoa beans & Benin cocoa beans.
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Nigeria cocoa beans export values
Export markets for Nigeria cocoa beans ( in '000$ )
Farm Gate Prices of Nigeria Coco Beans
Nigeria has a deregulated cocoa sector where each state sets its own farm gate price. In March 2024, however, global shortage forced a nationwide rise in prices. Business Day newspaper reported a March 2024 producer price appreciation of up to 6.5 million naira ($5,206.5) per tonne. The earlier farm gate price in January 2024, however, was less than 1.3 million naira ( $1,128) a tonne in Ondo State and other bulk-producing states.
Cocoa Growing Regions in Nigeria
Nigeria derives 70% of its cocoa from the southwestern states. These include Ondo, Cross River State, Ekiti, Oyup, Ogun and Osun. Cocoa cultivation has been rooted in these regions since the crop's colonial period introduction in 1805. Before Nigeria started commercial production of crude oil in 1958, cocoa used to be the leading economic mainstay and it still is after petroleum.
Production of raw cocoa beans in Nigeria reached 280,000 tonnes in the 2022-23 market year while that of the 2023-24 year was 270,000 tonnes. Given that the bulk of this output is exported, cocoa beans accounted for 26.23% of all agricultural exports from Nigeria between January and September 2023.
The main cocoa season runs from October through December and accounts for 70% of all cocoa beans, while the April to June mid-crop season provides the remainder.