Price Crash: Cocoa Farmers Lament Financial Despair
By Reporters
Cocoa farmers in Ondo, Osun, and Ekiti states lament the massive crash in cocoa bean prices, which has plunged many into financial despair and eroded livelihoods.
In separate interviews with the News Agency of Nigeria (NAN), farmers said the shift from boom to bust has left them with heavy debts, unsold harvests, depression, and a human crisis.
What began as a 2024 windfall has become an income shock, with prices falling over 70 per cent from historic highs, sparking fears of mass farm abandonment.
Mr Abiodun Joseph, a 39-year-old farmer in Owo, Ondo State, said the sharp decline has frustrated young farmers.
“Many have abandoned plantations or leased them out due to high input and maintenance costs.”
At one point, cocoa prices soared, driving up chemical and labor costs.
Now prices have crashed by 80 per cent, while those costs keep rising.
In January 2025, cocoa sold for N14,500 per kg; now it’s between N2,000 and N2,500.
Joseph said farmers can no longer afford basics, launch projects, or maintain farms, leading to depression and young farmers being discouraged.
Mr Olanrewaju Abiodun, a buying agent in Akure, said the plunge affects the entire chain, bankrupting dealers who now hide from creditors.
He called for a National Cocoa Management Board to regulate prices, citing Ghana, Cameroon, and Ivory Coast as models.
“Farmers are at the mercy of shylock dealers,” he added.
Mr David Ogunmakinwa, a farmer in Ile-Oluji, Ondo State, urged subsidies for inputs like insecticides and fertilizers.
He blamed some farmers for squandering boom-era profits.
“Young farmers should invest heavily and stay committed,” he said.
In Okitipupa, Mr Kola Akinmoye noted city youths who joined the boom have fled, leaving originals to suffer.
“We urge subsidies and price recovery to regain losses,” he said.
Mr Jimoh Aderinigbe in Ore, Odigbo LGA, said indebted farmers who borrowed for planting face ruin.
“We’re appealing for aid to avoid casualties,” he warned.
In Osun, Cocoa Growers Association Chairman Mr Adewale Abimbola said farmers don’t know global price drivers but noted historical fluctuations.
He blamed raw exports and forex volatility, urging local processing for better control.
“Don’t uproot trees prices will rise again.”
A cocoa merchant Alhaji Kolade Afeez attributed past highs to weather, markets, and heat, but recent drops to naira appreciation (N1,600 to N1,390/$) and oversupply from new entrants.
In Ekiti, a farmer Mr Moses Ojo lost over N2million this harvest versus prior booms; he quit teaching to farm his father’s land.
AFAN Coordinator Mr Olutayo Owoeye warned of tree-felling and crop switches amid ageing farms, low yields, and climate issues.
An expert, Mr James Yahaya called it market correction after supply shortages, hit by reduced demand, inflation, and local expansions.
He suggested minimum price guarantees, commodity boards, cooperatives, contract farming, and forward pricing.
Ekiti Commissioner for Agriculture Mr Ebenezer Boluwade outlined a 10-year plan for top-three status, including 500,000 USDA TRACE-backed seedlings, 50 per ccent subsidies on agrochemicals and seedlings, free fertilizer, and N10 million in pumps for 28 nurseries.
“We need 10 million seedlings, so we’re training operators,” he said.(NAN) (www.nannews.ng)
Reporters/Ayodeji Alabi
