Cocoa Prices to Skyrocket to $6/Kg by 2025? Here’s Why!

• Cocoa prices are soaring due to climate change and disease.
• West Africa, the world’s top cocoa producer, is struggling.
• Chocolate could get more expensive or change its ingredients.
• Nigeria has a chance to become a major cocoa player, but needs a plan!

Cocoa Price Explosion: What’s Going On?

The cocoa market is going wild! Prices jumped from $2.39 per kg in 2022 to $3.28 in 2023, and they’re predicted to reach $6.00 per kg by 2025. Market analysts point to a bunch of reasons, including:

• Climate Change: Crazy weather is hurting cocoa crops.
• Supply Chain Problems: Getting cocoa from farms to factories is tough.
• Rising Demand: Everyone wants chocolate, especially in Asia!

West Africa’s Cocoa Crisis

West Africa grows over 70% of the world’s cocoa. But things aren’t looking good. Adetiloye Aiyeola, from the Produce Export Development Alliance (PEDA), says that unpredictable rain, rising temperatures, and diseases like the swollen shoot virus are killing cocoa trees.

What This Means for Your Chocolate

Suleiman Dikwa, CEO of Green Sahara Farms, says that chocolate makers might have to:

• Charge more for chocolate.
• Make chocolate bars smaller.
• Use cheaper stuff like palm oil instead of cocoa.

Smaller cocoa farmers could even go out of business!

Nigeria to the Rescue? How Nigeria Can Capitalize on the Cocoa Crisis

Dikwa believes Nigeria could become a cocoa superstar in the next 10 years! To do this, Nigeria needs to:

1. Plant lots of new cocoa trees using sustainable methods that are more resistant to climate change.
2. Train farmers to use better farming techniques.
3. Build better facilities for drying and processing cocoa beans.
4. Get its cocoa certified as high-quality and deforestation-free.
5. Get the government to invest in cocoa farming.

The Numbers Don’t Lie: Nigeria’s Cocoa Ambition

Nigeria produced 340,000 metric tonnes of cocoa in 2023. To beat Ivory Coast, Nigeria needs to produce 2.2 million metric tonnes by 2034. That means increasing production by at least 20% every year!

The Future is Bright (and Chocolatey?)

If Nigeria fixes its supply problems, invests in sustainability, and adds value to its cocoa, it could become the world’s leading cocoa producer. So, the next time you bite into a chocolate bar, remember that Nigeria could be the reason why it tastes so good!