Farmers lament as cocoa prices fall sharply across Nigeria

Cocoa farmers in Ondo, Osun, and Ekiti states are struggling after cocoa prices dropped sharply. Many say they are now in debt and finding it hard to survive.

According to reports, cocoa prices have fallen by more than 70% from their previous high levels. What was once a profitable period in 2024 has now become a serious financial problem for farmers.

A farmer in Ondo State, Abiodun Joseph, described the situation as very difficult. He explained that when cocoa prices were high, the cost of farming like chemicals and labour also increased. Now that prices have dropped, those costs remain high, making it hard to make any profit.

He said cocoa, which sold for about ₦14,500 per kilogram in early 2025, now sells for between ₦2,000 and ₦2,500 per kilogram. This sharp drop has made it difficult for farmers to maintain their standard of living.

The problem is also affecting others in the cocoa business. A local buying agent, Olanrewaju Abiodun, said many dealers are losing money, going bankrupt, or leaving the business entirely.

Some farmers believe poor management and lack of support contributed to the problem. They are calling on the government to help by providing subsidies for farm inputs and other support.

An official of the All Farmers Association of Nigeria (AFAN) in Ekiti warned that if the situation continues, farmers may cut down their cocoa trees and switch to other crops.

Experts say the price crash is part of a global market adjustment. Cocoa prices had risen sharply before, but demand later dropped because chocolate became too expensive. At the same time, production