Cocoa farmers in Oyo State are experiencing unprecedented profits as cocoa bean prices surged during the outgoing farming season.
Speaking with the News Agency of Nigeria (NAN) on Wednesday in Ibadan, several farmers confirmed that the 2024 season had been the most profitable in years, with earnings tripling compared to the previous year.
Many farmers reported using their increased income for major projects, including building homes, purchasing vehicles, and improving their living standards.
Chief Nurudeen Alimi, a farmer from Elede Ominigbo Village in Ibarapa North LGA, said he harvested over 860 kilogrammes of cocoa beans. He noted that while cocoa was sold for N2,800 to N4,000 per kilogramme in December 2023, prices soared to N12,000 by mid-December 2024.
Despite lower harvest volumes due to plant diseases like black pod and cocoa swollen shoot virus, Alimi stated that his income this season exceeded his total earnings from the past five years combined.
Similarly, Tiamiyu Afolabi, a cocoa farmer from Ore farm settlement, described the price hike as a blessing. Having earned over N25 million this season, he said, “I once envied my schoolmates in office jobs, but now I believe I made the better choice. Many retirees’ gratuities can’t match what I earned from cocoa sales this season alone.”
Taofeek Adesola, a farmer from Erunmu in Egbeda LGA, shared how he returned to cocoa farming in 2020 after losing his job in Lagos. The recent boom, he said, had transformed his finances, enabling him to renovate his late father’s house in Lalupon and start building his own home. He also plans to introduce high-yielding cocoa varieties in the next season.
Cocoa produce buyer Chief Ezekiel Olagunju attributed the price surge to naira devaluation, which boosted local earnings from exports. He also cited lower cocoa production in Ivory Coast and Ghana due to adverse weather, driving up global demand.
Olagunju advised farmers to invest their earnings wisely to ensure long-term financial stability.
Credit: NAN (Text Excluding Headline)
