Cocoa farmers in Ondo, Osun and Ekiti States have lamented the massive crash in cocoa bean prices, which they claimed has plunged many into financial despair, and cut deep into their livelihoods.
The farmers, in separate interviews with the News Agency of Nigeria (NAN), claimed the price reversal, from boom to bust, has left many with significant debt and, in some cases, unable to find buyers for their harvests, resulting in depression and human crisis.
They stated that what began as a windfall for cocoa farmers in 2024 had spiralled into full-blown income shock, as prices had fallen by over 70 per cent from the historic highs, creating fears of mass farm abandonment by farmers and visible human toll at the farm level.
Speaking on the development, Mr Abiodun Joseph, a young Cocoa farmer in Owo, Ondo State, said that the sharp decline in the prices of cocoa beans had frustrated and discouraged many young farmers out of cocoa farming.
The 39-year-old cocoa farmer lamented that many farmers had abandoned their plantations with some entering into leasehold because they could not cope with the high cost of inputs and maintenance.
“At a stage, cocoa price increased and everything connected to cocoa farming such as chemicals and labour increased as well, but now the price has crashed to about 80 per cent, while the costs of inputs and labour are soaring.
“As at January 2025, cocoa was sold for N14,500 per kilogram, but now it has dropped to between N2,500 and N2,000 per kilogram. As of now, it is difficult for an average farmer to cope with the standard of living based on the sharp decline in price.
“In addition, it is difficult for any cocoa farmer to embark on capital project due to the crash in the price. The bottom line is that many of us can no longer cater for domestic needs and this has resulted in depression among farmers.
“Many farmers are finding it difficult to maintain their farms to get the desired output. Unfortunately, many young farmers are being discouraged to go further into cocoa farming,” Joseph, who has over 12 years of experience in cultivating cocoa, stated.
Similarly, Mr Olanrewaju Abiodun, a Local Buying Agent in Akure, lamented that the plummeting in the price has affected everyone in the cocoa business chain, with many dealers running out of business due to losses.
“The sharp decline in price is equally affecting the dealers and everyone in cocoa business chain. As of today, majority of cocoa dealers are bankrupt with many hiding from their creditors. Many dealers are being forced out of cocoa business due to losses,” he added.
Abiodun advocated for the setting up of a National Cocoa Management Board to regulate the sector and stabilise producer incomes, as well as determine the prices of cocoa in the country.
“One of the banes of cocoa business is lack of regulatory body in Nigeria to determine the prices. For instance, countries like Ghana, Cameroon and Ivory Coast, their governments set up regulatory body that control the prices and that has helped cocoa farmers in those countries.
“The main intervention is for the reinstatement of the National Cocoa Management Board by the Nigerian government to regulate the sector and to determine the prices. As of today, the major challenge for the farmers is that they are at the mercy of individual dealers that are determining the prices at their own will. Many of the dealers are shylocks,” he stated.
Similarly, Mr David Ogunmakinwa, a Cocoa farmer in Ile-Oluji, called on government to provide subsidies on insecticides, pesticides, fertilizers, and other essential farm inputs to support young farmers facing high production costs.
Ogunmakinwa, who owns Cocoa plantations in Ojokopoun camp, Awaye village and Lota camp in Ile-Oluji/Okeigbo Local Government Area of Ondo State, however, blamed some farmers for the poor utilisation of resources during the recent cocoa price spikes, with lack of reinvestment in their farms.
He noted that some farmers are facing “nightmare situations” due to mismanagement or poor resource utilisation.
“Although there are some farmers who misused the money raked in during the booming era; young farmers should endeavour to invest heavily in their farms and keep faith in cocoa farming,” Ogunmakinwa stated.
A cocoa farmer in Okitipupa, Mr Kola Akinmoye, observed that many youths who came from the city to tap from the cocoa boom when prices were high, had abandoned their farms, leaving original cocoa farmers to bear the consequences.
“We don’t know what was responsible for the drop in the prices of cocoa but it’s having adverse effect on our finances and daily activities. We urge the government to help us and subsidise the inputs as well as help us so that cocoa can return to former prices for farmers to regain their losses,” Akinmoye said.
Mr Jimoh Aderinigbe, another cocoa farmer in Ore, Odigbo Local Government, also said the drop in cocoa prices had put lots of cocoa farmers in debt, especially those who took loans to plant and process their cocoa seeds.
“Many cocoa farmers, especially those ones who were on loans, are on the verge of death. We’re appealing to the government to come to our aid so that we don’t record causalities,” Aderinigbe said.
Similarly in Osun, the state Chairman, Cocoa Growers Association of Nigeria, Mr Adewale Abimbola, said farmers were unaware of the factors responsible for the recent drop in cocoa prices on the global market.
He, however, explained that fluctuations in cocoa prices are not unusual, as the commodity had historically experienced periodic changes, and identified lack of local processing as a major challenge affecting cocoa pricing in Nigeria.
“If Nigeria exports processed cocoa instead of raw produce, farmers will have greater control over pricing. The higher or lower exchange rate determines the gain or loss cocoa farmers will make. Foreign exchange volatility remains another obstacle to price stability.
“It is not possible for us to uproot our cocoa trees because the price has dropped. Those who experience losses this year should not be discouraged, as prices will rise again. Such fluctuations are expected in trade,” he said.
Similarly, a cocoa merchant, Alhaji Kolade Afeez, attributed the previously high cocoa prices to weather conditions, international market forces, and high temperatures across cocoa-producing regions over the past two years.
He explained that the recent decline in prices, alongside the appreciation of the naira from about N1,600 to N1,390 per dollar between 2025 and 2026, had negatively affected farmers’ earnings.
Afeez also noted that the influx of new entrants into cocoa farming during the period of high prices led to increased supply, which has now contributed to the decline in prices.
In Ekiti, an Ido-Ekiti based young Cocoa farmer, Mr Moses Ojo, said the sudden drop in prices of cocoa had deprived him of over N2 million gain in the current harvest as against the bumper gains in previous harvest.
Ojo, a former secondary school teacher, said he resigned to invest in his late father’s cocoa farm.
The Coordinator of the All Farmers Association of Nigeria (AFAN) in Ido-Osi Local Government, Mr Olutayo Owoeye, described the sudden drop in prices of cocoa as a major setback to farmers in the state.
“We may be heading for serious consequences, as our cocoa farmers have vowed to cut down their cocoa trees and replace them with other viable alternative crops or commodities if the downturn in cocoa prices continues and no assurances are given that their investment will be protected.
“This is coming at a time the sector is already weakened by ageing plantations, chronically low yields and intensifying climate variability,” he said.
He said the association was rallying round and taking proactive measures, including financial support to the affected cocoa farmers in order to alleviate the negative impact of the sudden price drop.
An Agricultural expert, Mr James Yahaya, argued that the crash in prices of cocoa was as a result of the market correction after the historic global price surge driven by supply shortages in West Africa.
Yahaya said the prices reduced global demand due to high chocolate prices, inflation and weakened consumer purchasing power, increased in local production due to farm expansion and favourable weather in some regions.
He said that one of the measures to protect farmer’s investments and reduce rural- urban drift is to establish minimum price guarantee and functional commodity boards, and suggested strengthening farmer’s cooperatives for better market access and bargaining powers, and promote contract farming and forward pricing arrangements.
Meanwhile, the Ekiti Commissioner for Agriculture and Food Security, Mr Ebenezer Boluwade, said the state government had developed a 10-year policy plan aimed at positioning the state among the top three cocoa-producing states in Nigeria.
“The Ekiti State government has maintained its commitment to supporting farmers, aiming to boost local production through the distribution of 500,000 improved seedlings for the 2025/26 season, supported by the United State Development Agriculture (USDA) TRACE Project.
“The state has provided 50 per cent subsidies on agrochemicals, 50 per cent subsidy on improved seedlings, and free fertilizer to farmers to improve yield efficiency despite market instability.
“The Ekiti State Government, in partnership with the TRACE Project, has presented irrigation pumps worth about N10 million to 28 cocoa nursery operators across local government areas of the state. The beneficiaries had undergone training on best practices in raising cocoa seedlings to boost cocoa production in the state,” he said.
According to him, the state will require about 10 million cocoa seedlings to achieve the target, which informed the decision to train and empower cocoa nursery operators to produce quality seedlings for farmers.
