Floods in Nigeria worsen global cocoa shortage

Published 2024년 4월 18일

Tridge summary

Nigeria is facing severe flooding that poses a significant threat to its cocoa production, crucial for the global cocoa industry and chocolate supply. The Nigerian Hydrological Services Agency has alerted states responsible for 94% of the country's cocoa output about this threat. The Cocoa Association of Nigeria predicts a drastic drop in cocoa production for 2024, estimating a decrease from 280,000-300,000 tonnes to 225,000 tonnes due to adverse weather conditions. This decline in production is expected to exacerbate the existing challenges in the global cocoa market, including shortages and rising prices, which are already being felt due to poor harvests in other leading cocoa-producing countries like Ivory Coast and Ghana.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The floods in Nigeria are casting a shadow over the global cocoa industry, with grim forecasts for the country's 2024 cocoa harvest. With production already affected by weather issues, the looming floods pose a new challenge, with potential repercussions for the global chocolate supply. Floods in Nigeria Threaten Cocoa Production Nigeria's Hydrological Services Agency has issued a worrying warning about severe flooding threatening the country's main cocoa-growing areas. States such as Ondo, Cross River, Osun, Oyo, Ogun, Taraba and Delta, responsible for 94% of national cocoa production, are at risk. The Minister of Water, Resources and Sanitation, Joseph Utsev, warned of the imminent interruption of the cocoa harvest in these regions, highlighting the seriousness of the situation. Declining Production Outlook The Cocoa Association of Nigeria predicts a significant drop in the country's cocoa production for 2024. Previously estimated at between 280,000 to 300,000 tonnes, production ...

Source: Mercado Do Cacau