40% Of Nigeria's Annual Cocoa Output Under Threat From Excessive Rainfall In The South West


Friday, September 18, 2020 / 09:18 AM / FDC / Header Image Credit: FDC Limited


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OPEC and its allies meet today to review output curbs and compliance levels amid wavering global demand recovery. They will be looking to send a strong signal of a united front willing to do "whatever it takes" to prop up oil markets as the global economic recovery stutters.


As much as 40% of Nigeria's annual cocoa output is under threat from excessive rainfall in South West Nigeria. Cocoa farmers are unable to dry a significant part of their harvest while the black pod disease, which thrives in damp conditions, is also wreaking havoc. This could put further pressure on Nigeria's already negative trade balance and the value of the naira in the forex market.


The slides below provide a snapshot of the discussion in the Commodities segment of the Business Morning programme on Channels TV by the Head of the FDC Think Tank.

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