Cocoa farmers in Nigeria under the umbrella of the Cocoa Association of Nigeria (CAN) has revealed that Nigeria may lose $765 million worth of cocoa output due to the impact of heavy rainfall with the probability of black pod disease which could hurt the crop this farming season.
The president of the cocoa association in Nigeria, Sayina Riman, disclosed this to newsmen in an interview. He noted that the 2018/2019 farming season has been experiencing lots of flash floods and poor sunshine.
Riman, who farms on 170-hectare cocoa plantation in Cross Rivers State, lamented on the impact of poor sunshine and heavy rainfall across cocoa-growing regions in Nigeria. He stressed that “besides preventive mould, sunny weather is also needed for a bigger bean size. Black pod is coming and it would be evident in the main crop“.
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“Cocoa trees need a delicate balance of rainy and dry weather. Too little rain and they wither; too much and they become susceptible to insects or fungal black pod disease. Beans can also go mouldy if small farmers are unable to dry them outside.
“the trees are at the fruiting stage of the main crop but the weather could affect the pod formation.”
Cocoa production: Riman further explained that CAN’s forecast for the 2018/2019 farming season was 325,000 tonnes (80% rise from the 250,000 tonnes last year), which was estimated at $2,353 per tonne, amounting to $764.725 million. The International Cocoa Organisation (ICCO) forecast that output will be 245,000 tonnes for the season.
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The CAN helmsman disclosed that the farmgate prices have fallen to around $2,353 which is about N720,000 per tonne from the initial price of N850,000 as at January, stating that the association was anticipating the end of the growing season before revising its figures.
However, Riman noted that prices could regain normalcy after the world’s two largest cocoa producers (Ghana and Ivory Coast) last week, agreed to impose a price floor of $2,600 per tonne on the product.
Poor and unfavourable weather condition is a disadvantage to agricultural production in Nigeria, as it hampers cultivation and output. This, in turn, cuts down on the money farmers could earn from selling their produce, thereby reducing the Agric sector’s contribution to the national GDP.
Note that cocoa has for a long time remained one of Nigeria’s biggest Agric export commodity.
Togo, Niger, Benin remit N2.04 billion to Nigeria for power supply
Nigerian Electricity Regulatory Commission says international electricity customers remitted the sum of N2.04billion to Nigeria in three months.
Nigeria’s international electricity customers – Togo, Niger, and Benin, remitted the sum of N2.04billion in the first quarter of 2020, as their outstanding electricity bill to the Market Operator (MO) of the sector in Nigeria.
This was found in the Nigerian Electricity Regulatory Commission 2020 first quarter report, which was released recently.
According to the report, a total of N4.05billion ($13.22million) invoices were issued by the MO to international customers including Societe Nigerienne d’electricite or NIGELEC; Societe Beninoise d’Energie Electrique (SBEE); and Compagnie Energie Electrique du Togo (CEET).
The commission stated that during the quarter, NIGELEC made a payment of ₦1.61billion ($5.27million) as part of its outstanding bills for the energy received from NBET and services rendered by the MO.
It stated, “Similarly, SBEE paid ₦0.43billion ($1.39million) in respect of services received from MO.
“It was noteworthy that tariff shortfall (represented by the difference between actual end-user tariffs payable by consumers and the cost-reflective rates approved by NERC) had partly contributed to liquidity challenges being experienced in the industry.
“The settlement ratio to the expected Minimum Remittance Thresholds, having adjusted for tariff shortfall, indicated that power distribution companies needed to improve on their performance.”
Special customers like Ajaokuta Steel Co. Ltd and others in its environs did not make any payment in respect of the N0.27billion and N0.05billion invoices issued to them by the Nigerian Bulk Electricity Trading Plc and the MO respectively, during the period under view.
Meanwhile, the power distributors failed to remit N119.88billion to the sector within the same period.
“Whereas Discos were expected to make a market remittance of 46.09% during 2020/Q1, only 32.53% settlement rate was achieved within the timeframe provided for market settlement in the Market Rules,” it added.
What it means: The Discos’ remittance level, regardless of the prevailing tariff shortfall, was still below the expected MRT and they are expected to improve on their performances.
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Akinyemi says the #EndSARS protesters would return to the streets if their demands are not addressed in two weeks.
COVID-19: Jason Njoku and wife test positive
iROKOtv CEO and wife have contracted the novel coronavirus.
Jason Chukwuma Njoku, the co-founder and CEO of iROKOtv and his wife has tested positive for COVID-19. However, Mrs. Mary Njoku is feeling well.
Jason, disclosed this via his Twitter handle stating that “My enemies are hard at work in 2020. Mrs. Njoku and I tested positive for Covid-19. I’m not feeling great, but Mary is well. Literally no idea how I caught it. But we shall see this pass too.”
The media mogul did not reveal if his children caught the virus too.
My enemies are hard at work in 2020. Mrs Njoku and I tested positive for Covid19 😩. I'm not feeling great but Mary is well. 😷🤢. Literally no idea how I caught it. 🤷🏾♂️. But we shall see this pass too🙏🏾. pic.twitter.com/tnsP1BCPBB
— JasonNjoku (@JasonNjoku) October 28, 2020