Some Cocoa Farmers in Cross River and Akwa Ibom have bemoaned the adverse effects of sudden drop in cocoa prices and the selling of assets by some farmers to offset debts .
The farmers said that the price crash created hardship for them.
They urged farmers not to abandon cocoa farming as it may rebound soon, adding that it was a critical lesson for farmers to imbibe financial discipline and sustainability.
In Cross River, Mr Pascal Keje, state Chairman, Cocoa Farmer Association of Nigeria (CFAN), said the sudden price drop did not affect only the farmers but exporters and licensed buying agents across cocoa-producing communities..
He urged farmers not to abandon cocoa farms even as the price fall offered a critical lesson for farmers on financial discipline and sustainability.
Keje noted that cocoa prices had soared in the past two years, enabling many farmers to make significant profits without complaints about the market volatility.
He explained that the recent decline had created economic strain, especially for farmers who collected loans during the boom period and expected prices to remain high.
“Business has ups and downs; when prices were high, nobody complained; now prices have dropped, people must adjust.
“During the boom, most of the cocoa farmers especially the younger ones lived lavished lifestyles, carrying women; there were even stories of women who left their husbands for cocoa farmers.
“We noticed that some of the farmers almost became crazy riding bikes recklessly in the villages and even talking down on chiefs; a part of me believes that this crash in price is God’s doing to make us learn,” he said.
Keje said some farmers were now reluctant to maintain their farms because the rising costs of chemicals and labour outweighed returns from current cocoa prices.
He said, ‘’a sachet of pesticide now costs nearly N2,000, making it difficult for farmers to manage farms while cocoa sells for around N3,000 per kilogram.’’
Keje expressed optimism that global prices would rebound within the next few years.
Similarly, Mr Stanley Ndoma, a cocoa farmer in Ikom, confirmed that the price crash had significantly affected livelihoods across cocoa-producing communities.
Ndoma said despite falling cocoa prices, farm inputs such as labour and chemicals remained expensive, worsening the economic burden on farmers.
“Many farmers who secured high-interest loans during the cocoa boom now struggle to repay them, following the sudden market decline.
“Reports from communities in Boki Local Government Area indicated that at least one farmer allegedly took his life after being overwhelmed by debts,” he said.
He said some youths who left city jobs for cocoa farming during the boom were stranded due to the price crash, adding that several farmers who invested heavily in cocoa had already started selling their assets.
‘’Assets like vehicles, lands among others are being sold off; however, farmers must remain hopeful, because cocoa remains a profitable crop in the long term despite current market fluctuations.
In Akwa Ibom, Mr Ekerete Bassey, the state Chairman, CFAN, described the price drop as devastating, saying that farmers, who borrowed money from banks, could not meet the loan payment agreements.
He said that some farmers had auctioned their assets to offset some loan in the bank while some went into hiding due to their inability to pay off debts.
Bassey explained that during the 2024 windfall, some farmers borrowed money from the bank and some others rented the cocoa plantations, expecting a bumper harvest and huge profit.
‘’During the windfall, some banks increased the interest rate up to 40 per cent but now with a drop in price farmers are unable to pay; I collected a loan with 40 per cent interest rate.
‘’Secondly, as the price of cocoa was high from 2024 to early 2025, the cost of chemicals, seedlings and labour were also high in price.
Bassey, a Cocoa Farmer for more than 20 years, said that a kilogram of cocoa was sold for N12, 000 then, and the hiring of labourers from the villages was N300, 000 per annum although presently 700,000.
However, Bassey said that by the end of 2025, there was a crash in price which affected farmers adversely to the extent that the harvest could not recoup the amount that went into the farming.
‘’We are yet to comprehend the sudden drop in price of cocoa in the international market, as we have high quality products in the state.
“We do not really know this kind of fluctuation in the market price of cocoa, whether it is caused by high taxation or market forces.
‘’In fact, there is no cocoa farmer who rented the plantation that his harvest could meet up with the current price fluctuations,’’ he said.
Bassey said that it was the situation that distressed farmers, causing some of them to take the drastic action of running away due to the inability to cope with their financial burden.
He said, ‘’we are passing through a serious financial burden and we really need assistance from governments to bail us out in this financial mess.
“Right now, a lot of farmers still have cocoa in their stores, and cannot sell at the fluctuating price.
Bassey urged the government to sensitise farmers not to abandon the business as the fall in price would not be permanent.
He also appealed to the government to give grants to cocoa farmers, provide them with seedlings and chemicals to ease their burden.
“It is my belief that since this year is bad, there are better years ahead. We should not give up,’’ he said.
In his contribution, Mr Isaac Akpan, a Cocoa Farmer, said that the farmers were struggling alone without any assistance even in the face of price fluctuations.
Akpan, who has more than 20 years of experience in cocoa farming, said cocoa farmers had been planting on their own without assistance from the government, except help from cooperatives.
He expressed dismay that in spite of the state government’s Arise Agenda Agricultural initiative, cocoa farmers in the state had not received any grant from the government for many years now.
“Former Gov. Victor Attah was the administration that assisted us to plant these cocoa in 2025,” Akpan said.
“We want to appeal to governments that the loans grants or benefits that accrue to cocoa farmers should pass through cocoa farmers’ cooperative to avoid being hijacked by politicians.
‘’We wish that as the year is beginning and very soon the government will flag off planting season, they should give us cocoa seedlings, chemicals and grants to help us,” he said.
In her response, Dr Offiong Offor, Commissioner for Agriculture in Akwa Ibom, said that the government was aware of the plight of cocoa farmers, especially during the drop in price.
Offor said that with the Arise Agenda Agricultural initiative of the government, the state government would support cocoa farmers with grants, improved seedlings and fertilisers to cushion the effect.
