NIgeria Cocoa Output to Decline 20% due to Heavy Rains
Olam International, the Agriculture trading company based in Singapore which recently acquired Titanium holdings, the largest producer of biscuits and sweets in Nigeria has stated that the cocoa output this season may decline by 20% due to torrential rain fall at the onset of the growing season.
According to Anant Patil, a commodity traders with Olam International, interviewed by Bloomberg, “Cocoa bean purchases from the beginning of the main-crop season on Oct. 1 to Feb. 7, declined 29 percent to 110,000 metric tons, compared with 155,000 tons a year earlier.”
“Cocoa is coming out slowly, so I think that the crop is not as much as last year’s,” Patil said. Rain damaged flowers on the trees, preventing them from maturing and washing away fertilizers, he said.
Nigeria ranks behind Ivory Coast, Ghana and Indonesia in cocoa production.
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