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    Cocoa Prices Spikes in Nigeria’s Oyo State amidst Fall in Ekiti

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    By Obafemi Oredein

    Special to Dow Jones Newswires

    IBADAN, Nigeria–Cocoa prices are higher this week in Nigeria`s Oyo state but lower in Ekiti, traders said Friday.

    Graded cocoa is trading in Oyo state at 850,000 Nigerian naira ($2,073) a metric ton, compared with NGN820,000 three weeks ago, said Biodun Oluyemi, a trader in Ibadan, the state’s capital.

    He said the increase in prices of cocoa was due to an improvement in the quality of the cocoa now coming to the market in Oyo state, adding that regular rainfall in the state in recent weeks has boosted the size and weight of the midcrop cocoa now being harvested.

    In Ekiti state, cocoa is selling for NGN800,000 against NGN830,000 last month, said a trader.

    Graded cocoa has been certified as fit for export by government produce inspectors.

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