HARARE, August 12. /TASS/. The Nigerian authorities expect an increase in the harvest of cocoa beans to half a million tons this year, Assistant to Nigerian President on Agribusiness and Productivity Enhancement Kingsley Uzoma said.
"Cocoa beans are the cornerstone of Nigeria's economic diversification policy. An increase in their harvest and export will help boost employment and move away from a one-sided focus on oil export revenues. Cocoa bean export revenues increased from 171 bln naira ($110 mln - TASS) at the end of 2023 to 1.2 trillion naira ($800 mln - TASS) at the end of 2024. Cocoa beans are not just a commodity, they are our strategic lever for transforming the structure of the economy. Some 300,000 small farmers are involved in its production. This year the plan is to bring the harvest to 500,000 tons," he was quoted as saying by the Punch newspaper.
Global cocoa bean prices soared by more than 200% last year to nearly $13,000 per ton, driven mainly by lower yields in Cote d'Ivoire and Ghana, which account for 60% of the world's total volume. Cocoa bean producers in African countries are lacking investment to renew plantations.