By Obafemi Oredein
Special to Dow Jones Newswires
IBADAN, Nigeria–Cocoa prices increased this week in the Nigerian state of Ekiti, one of five cocoa producing states in the country’s southwest region, traders said on Friday.
Graded cocoa–which has been certified as fit for export–is trading at 2.7 million Nigerian naira ($3,524) per metric ton, according to an official with the Cocoa Farmers Association of Nigeria.
Cocoa sold in Ekiti at NGN2.6 million a ton a fortnight ago, said a trader.
The southwest accounts for 70% of Nigeria’s annual cocoa production of 250,000 tons to 280,000 tons, according to the Cocoa Association of Nigeria.
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