Nigeria appears to be missing out on higher cocoa prices in Europe. A recent article from Reuters reveals that prices of cocoa beans from Ivory Coast and Ghana have shot up because Europeans are scrambling to secure supplies.
The higher prices also worsened because of declines in supplies from the two West African power houses of Cocoa. Ivory Coast, the largest exporter of Cocoa in the world, also sold forwards of about 170,000 more than it is expected to produce.
Despite this development, Nigeria is unable to take opportunity of the supply gap in what Reuters cites as being due to slow exports.
Non-oil exporters in Nigeria have often complained about the multiplicity of agencies in the country which hamper the smooth flow of exports.
