BREAKING: Cocoa Price Crashes Massively
Price of cocoa has dropped from N900,000 to N300,000 in Taraba state.
A cocoa farmer at MayoSelbe in Gashaka local government area of Taraba state, Mr Aaron Johnson, told Daily Trust that farmers in the area don’t actually know the market value of the commodity.
He said farmers in the area rely on middlemen that usually come to the area and buy Cocoa beans from them.
According to him, few months ago they learnt that 100 kg bag of cocoa beans was sold at N900,000 at Kurmi local government area but when the middle men came. they said the price had dropped to N300,000.
Johnson stated further that cocoa farmers in MayoSelbe had no option but to sell the commodity to the middlemen at that price.
He said MayoSelbe and many part of Gashaka local government has the potential of producing large quantity of Cocoa annually but their major problem is market and incentive.
