Despite the effect of the harmattan, which has plundered cocoa flowers and buds off trees before they grow into pods, 18 countries are demanding for 7, 150, 550 metric tons of cocoa valued at $21, 440,709,659 from Nigeria, Côte d’Ivoire, Ghana and other cocoa-producing countries.
The commodity is being used for cocoa butter, paste and cake.
According to the International Cocoa Organisation (ICCO), the price of the product in the global market was $2,998.47 per metric ton as at February 25, 2016.
Other cocoa producing countries are Cameroon, Indonesia, Malaysia, Papua New Guinea, Brazil, Ecuador and Colombia.
Statistics revealed that consumers of the product would need 2, 713,326 metric tons for cocoa powder, 2, 474,778 metric tons for cocoa cake and 1,962, 446 metric tons for cocoa paste.
According to ICCO data, countries in high demand for cocoa butter are Germany – 464,280 metric tons; United States – 453,387 metric tons; Netherlands -183 metric tons; Belgium – 363,818 metric tons ; France – 276,581 metric tons; United Kingdom -185,013 metric tons and Switzerland -151,780 metric tons. Others are Russia – 149,458 metric tons; Poland – 135,290 metric tons and Canada -119,536 metric tons. Other countries demanding for cocoa cake are United States – 781,154 metric tons; Spain -271,419 metric tons; France – 265,065 metric tons; Germany – 258,995 metric tons; Netherlands – 239,136 metric tons; Italy – 141,405 metric tons; Russia – 140,682 metric tons; Malaysia – 136,801 metric tons; China, mainland – 121,255 metric tons and Australia – 118,866 metric tons
The organisation added that Germany would import 356,263 metric tons for cocoa paste; France – 351,436 metric tons; Netherlands – 350,070 metric tons; Belgium – 220,884 metric tons; Russian -167,643 metric tons; Poland -141,226 metric tons, United States -105,641 metric tons and Ukraine – 94,230 metric tons. Similarly, China, mainland would import 90,448 metric tons and Canada – 84,605 metric tons.
Also, it was gathered that Nigeria had exported N375.2 billion worth of cocoa between 2012 and 2014.
The Nigeria Export Promotion Council (NEPC) said that the nation recorded the highest exportation of cocoa valued at N131.2 billion in 2014, generated N140billion in 2012 and 104 billion in 2013.
About 85 per cent of the country’s cocoa is exported as beans, mostly to the Belgium, United Kingdom and other European countries. Germany and the Netherlands are the largest consumers.
The U.S. cocoa imports from Nigeria have been trending upwards and are estimated at $40m.
