Cocoa Prices Higher in Nigeria’s Oyo State, Fall in Ekiti


By Obafemi Oredein

Particular to Dow Jones Newswires

IBADAN, Nigeria–Cocoa costs are greater this week in Nigeria`s Oyo state however decrease in Ekiti, merchants stated Friday.

Graded cocoa is buying and selling in Oyo state at 850,000 Nigerian naira ($2,073) a metric ton, in contrast with NGN820,000 three weeks in the past, stated Biodun Oluyemi, a dealer in Ibadan, the state’s capital.

He stated the rise in costs of cocoa was attributable to an enchancment within the high quality of the cocoa now coming to the market in Oyo state, including that common rainfall within the state in current weeks has boosted the scale and weight of the midcrop cocoa now being harvested.

In Ekiti state, cocoa is promoting for NGN800,000 in opposition to NGN830,000 final month, stated a dealer.

Graded cocoa has been licensed as match for export by authorities produce inspectors.

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