Nigeria is the 4th largest cocoa producer worldwide. This marketing year its yield is expected to increase by 20 percent.
Trees that were planted 4-5 years ago are ready to give their first yield, which is predicted to be rather high. Cocoa production will increase to 300 000 tons, versus 250 000 tons last year.
This year the country has done a lot to increase cocoa production. Agricultural lands and farms are stimulating. Last year there have been introduced 8 new grades of cocoa, which require more time to ripe, but bear higher yield capacity.
Ondo state is the largest cocoa producer in Nigeria, and its yield is predicted to increase to 90 000 tons, versus 77 000 tons last season. Nigeria is characterized by smaller production than Cote d’Ivoire, Ghana, and Indonesia.
Cocoa future seems to have formed correctional wave 4; it will be followed by downtrend and update of local low 2439 within wave 5 of [iii]. Major resistance will be provided by points 2512-2541.
