Tuesday, July 8, 2025
23.2 C
Lagos

Olam Predicts Biggest Global Cocoa Deficit Since 1980

This year, the world will record its greatest cocoa deficit since 1980.

This was revealed by Amit Suri of Olam, who is in charge of the cocoa division of world’s third biggest cocoa processor.

According to the official, the deficit will reach 308,000 tons at the end of September. This estimate, which exceeds January’s 122,000 tons, is based on damages to yields as a result of dry weather in producing countries.

In Cote d’Ivoire, world’s leading cocoa producer, production will fall by 110,000 tons, compared to forecast in January. Ghana, the second top producer, will record a 30% fall in production. Brazil will harvest 60,000 tons less than forecast. Ecuador and Indonesia will also be hit by the production fall. Only Cameroon and Nigeria will have their output increase.

“In my 20 years in the cocoa industry, I have never seen such significant changes in supply and demand occur so late in the year,” said Amit Suri who highlighted that not only volumes would be affected since quality was also affected by weather conditions.

“There is a deficit in cocoa but there is also a deficit in cocoa of quality. We are concerned about physical supply and about how the market will react as it didn’t take it into account,” he told Bloomberg.

spot_img
spot_img
spot_img

Hot this week

Tinubu Tax Reforms: Transformative Policy Deployment for Nigerian Economy in a Generation – IMPI

The Independent Media and Policy Initiative (IMPI) has said...

Udeme Ufot to Chair QEDNG Creative Powerhouse Summit

Mighty Media Plus Network Limited, publishers of the online...

NESG-Stanbic IBTC Business Confidence Monitor: Easing Macro-economic Pressures, Favorable Business Climate

The Business Confidence Monitor (BCM) is the flagship survey-based...

Universal Insurance, NHIA, PTAD, Rite Foods Sponsor NAIPE 2025 AGM

The Universal Insurance Plc, National Health Insurance Authority (NHIA),...

MTN, 9mobile Ink National Infrastructure Partnership Deal

L-R: Abolaji Idowu, Chief Financial Officer, 9mobile; Omotola Ojutayo,...

Topics

FOR THE RECORD: Micro Pension Plan as Financial Inclusion Tool in Nigerian Pension Industry

Introduction There is no universally accepted definition of financial inclusion...

Union Bank Charging Customers N50 for Teller

Union Bank of Nigeria Plc is alleged to be...

Raenest Secures $11m Series A Investment in QED-Led Funding Round

Raenest, the global multi-currency accounts platform for individuals and...

Vodafone Plans Indian Stock Market Listing

Vodafone is reportedly planning a stock market listing for...

CBN, AfDB, Dangote Supports Power Nigeria 2019

One of the primary challenges Nigeria is seeking to...

Technology: Urine as Power Source for Electronic Devices

Researchers at the University of Bath, United Kingdom ...

Continental Re, Afro Asian Insurance Services Partner to Address Emerging Risks in Nigerian Market

  Continental Reinsurance Plc, in partnership with Afro Asian Insurance...
spot_img

Related Articles

Popular Categories

spot_imgspot_img