News in Brief:
– Nigerian cocoa farmers are allegedly happy with the deregulated market as they benefit directly from the rising cocoa prices, unlike neighboring countries with fixed contracts.
– The Cocoa Farmers Association calls for investment in the sector and a regulatory framework to improve production and sustainability.
Nigerian cocoa farmers are expressing satisfaction with the current deregulated cocoa market, despite the absence of a Living Income Differential (LID) program implemented in neighboring Ghana and Ivory Coast.
The Cocoa Farmers Association of Nigeria (CFAN) President, Comrade Adeola Adegoke, revealed this in a press release, made available to reporters.
Adegoke credits the recent surge in international cocoa prices for the positive outlook. Nigeria’s deregulated market allows farmers to directly benefit from this increase, unlike their counterparts in other West African countries who are locked into pre-arranged contracts at fixed prices.
Farmers opt for deregulation, advocate for NCMC strengthening
The association’s head stated that while they acknowledge the efforts of Ghana and Ivory Coast to improve farmer livelihoods through LID, they believe deregulation offers Nigerian farmers a better chances.
However, he stressed the need to strengthen Nigeria’s cocoa sector through the National Cocoa Management Committee (NCMC). They propose increased investment in areas like subsidised farm inputs, credit facilities, and training programs to boost production and farmer well-being.
Additionally, the CFAN advocates for a regulatory framework overseen by the committee to address quality control, smuggling prevention, and sustainable practices. Although, it has been vocal about its opposition of government intervention in buying and selling cocoa beans, except for potential future stabilisation efforts in case of drastic price drops.
Adegoke highlights Nigeria’s potential to surpass Ghana and Ivory Coast, considering their declining production due to various challenges. Nigeria’s young cocoa workforce and favorable market conditions present a bright future, further bolstered by a strong private sector-led regulatory framework under the NCMC.
The president concludes his statement by expressing optimism for a sustainable Nigerian cocoa sector under the current administration’s leadership.
Nigerian cocoa farmers are happy with the deregulated market as they benefit directly from the rising cocoa prices, unlike neighboring countries with fixed contracts. The Cocoa Farmers Association of Nigeria (CFAN) calls for investment in the sector and a regulatory framework led by the National Cocoa Management Committee (NCMC) to improve production and sustainability.
