Cocoa is trading at $2,201 per metric tonne, 8.5% above the average in 2017. Unfavourable weather conditions and stronger collaboration between the major West African producers is helping prop up prices.
Nigerian production is still sharply lower than that of Ivory Coast and Ghana. It stands to benefit in the long run from new investments in improved seedlings and increased acreage. Cocoa remains a leading export commodity for Nigeria contributing approximately $0.5bn annually.
The attached document contains a snapshot of the global and domestic developments in the commodities market.
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