Cocoa Price in Nigeria Today (2024)

Gone are the days when cocoa used to be a major source of revenue for Nigeria.

After the mid 19th century when oil was discovered, the dependence on cocoa export business began to decline.

Today, it contributes very little to Nigeria’s GDP.

This is isn’t because it cannot generate a high revenue but because the government has shown much less concern in maximizing the high potentials of the business.

Nigeria used to top the list of cocoa exporters in Africa but has passed the glory to Ivory Coast and some other black nations.

Read on to see more information about cocoa and the price of cocoa in Nigeria.

 

Where is Cocoa Planted in Nigeria?

Cocoa is a perennial crop that is grown in southern Nigeria. This is majorly due to the type of climate and soil obtainable in this region, which is favourable to grow the crop.

In Nigeria, cocoa is mostly grown in 5 southwestern states. Ondo state is where cocoa is largely produced in Nigeria with about 77,000 tonnes annually. The states are:

• Ondo State
• Ogun State
• Osun State
• Oyo State
• Ekiti State

It is also grown in other southern regions and a couple of northern states. The states include:

• Akwa Ibom State
• Rivers State
• Cross River State
• Abia State
• Ebonyi State
• Adamawa State
• Kwara State

 

Cocoa Processing in Nigeria

Cocoa processing in Nigeria is not what it used to be many years ago. According to a recent record, Nigeria has 8 cocoa processing factories but only 4 are functional. The 8 factories have the potential of producing up to 150,000 metric tons, but what is obtainable with the functional ones is a capacity of around 50,000 metric tons.

The larger percentage (80%) of the cocoa produced in the country is exported as cocoa beans while the lower percentage (20%) is exported as cake, powder, and butter after being processed.

There are several challenges associated with processing cocoa in Nigeria. Some of them include:

• Epileptic power supply
• Insufficient capital
• Unfavourable government policies
• The high price of cocoa beans
• Shortage of expertise
• The high cost of fuel
• Lack of economy of scale

There are several other reasons; these are just a few.

Nigeria used to top the list of cocoa producing states in Africa but it is now behind, after countries like Ivory Coast, Ghana, and Cameroon.

 

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Cocoa Powder Manufacturers in Nigeria

Cocoa powder is made by crushing cocoa beans and extracting the fat in it. Below are some of the manufacturers in Nigeria

 

1 Agro Traders Limited

• Website: http://www.agrotraders.net/
• Email: info@agrotraders.net
• Phone: 09053974130
• Address: Plot 2, Block XLIII, Alagbaka GRA, Akure, Ondo State, Nigeria

 

2 Loetue Pure Cocoa Powder

• Phone: 08027114615
• Address: 66, Bajulaiye Street, Shomolu, Lagos Nigeria

 

3 Oluji Pure Cocoa Powder

• Phone: 08033539058
• Address: 14 Alonge Street, Ijesha, Lagos Nigeria

 

Benefits of Cocoa Powder

Research has shown that cocoa contains nutrients that are of very high benefits. Here’s a list of benefits.

• It helps to maintain cholesterol level
• It is beneficial in the treatment of diabetes
• It prevents obesity
• It helps in cancer prevention
• It is useful in skin care

 

Price of Cocoa in Nigeria

The table below shows the price range of cocoa in different locations where they can be obtained. The amounts stated here are the prices per tonne.

Location	Price Range
Ife Central (Osun)	N730,000 – N740,000
Ore (Ondo)	N720,000 – N730,000
Idanre (Ondo)	N740,000 – N750,000
Akoko Edo (Edo)	N715,000 – N720,000
Ikom (Cross River)	N700,000 – N710,000
Akure South (Ondo)	N730,000 – N740,000

 

The following are the prices of cocoa products in Nigeria.

• Natural Cocoa Powder Drink (250g x 6 – Tin): N4,500 – N5,000
• Ile Oluji Pure Cocoa Powder (250g – Carton): N750 – N850
• Pure Cocoa Brown Powder (25kg): N20,000 – N30,000
• Frangada Natural Cocoa Powder (250g x 12): N7,500 – N8,500
• Natural and Alkalised Cocoa Powder (500kg): N600,000 – N700,000
• Organic Raw Cacao Nibs (150g): N3,500 – N4,000
• Organic Raw Cacao Nibs (100g): N3,000 – N3,500
• Cocoa Beans (200g): N1,500 – N2,000
• Ile Oluji Cocoa Powder for Beverage and Baking (300g): N900 – N1,000

 

Cocoa Exporters in Nigeria and Cocoa Buyers in Nigeria

The following companies export cocoa out of the country. You can also get in touch with them if you’re a farmer looking for cocoa buyers in Nigeria. Since they export the crop in high quantity, they’ll be most likely inclined to do business with you.

 

1 FTN Cocoa processors Plc

This is one of the big players in the cocoa industry. The company has been around since 1991. They export cocoa in the form of cocoa liquor, cocoa butter, and cocoa cake while they sell the cocoa powder in the local market. They source their raw materials locally from Oyo state, Ogun state, and Osun state and use them in their factory that has a capacity of 20,000 metric tonnes.

• Website: http://www.ftncocoa.com.ng
• Email: info@ftncocoa.com.ng
• Phone: +234 1 740 9651
• Address: Plot 5 Block 77 Basheer Shittu Avenue Magodo GRA, Lagos, Nigeria

 

2 Saro Agro-Allied Limited

Saro Agro-Allied Limited is a certified cocoa exporting company in Nigeria. The company has won an award of leading indigenous non-oil exporter. They source cocoa from 7 sources including Ondo, Ogun, Osun, Oyo, Cross River, Edo, and Ekiti states.

• Website: http://saroafrica.com.ng
• Email: info@saroafrica.com
• Phone: +234 1 631 1110
• Address: Empire Place, Plot 1683 Sanusi Fafunwa, Victoria Island, Lagos, Nigeria

 

3 Ideal Risku Global Limited

This company has a license to grow and sell cocoa to a range of buyers. They also have the license to export cocoa to anywhere in the world. They have a functional cocoa processing factory with a capacity of 40,000 metric tonnes per annum.

Apart from cocoa processing, they are also into cashew nut preservation and packaging alongside fuel station and haulage services.

• Website: http://idealriskuglobal.com
• Email: info@idealriskuglobal.com
• Phone: +234 8033697461
• Address: Beside The Apostolic grammar school, Oke D O Ondo Road, Modakeke, Osun State, Nigeria

 

4 Agro Traders Limited

Agro Traders Limited is an Ondo based cocoa industry. They are one of the reputable indigenous exporters of cocoa in Nigeria. They started in 1991 with a production capacity of 400 metric tonnes but have now grown to a large capacity of around 20,000 metric tonnes per annum.

Their major clients are end users who process the product themselves. They mainly export to Europe but are open to deliver to clients in any part of the world as long as a favourable agreement is reached.

• Website: http://www.agrotraders.net
• Email: info@agrotraders.net
• Phone: 0905 3974130
• Address: Plot 2, Block XLIII, Alagbaka GRA, Akure, Ondo State, Nigeria

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