Big congrats to Ivory Coast for not only hosting the AFCON 23 in 2024 but also snagging the AFCON cup by giving Nigeria a score of 2 while Nigerians managed to squeeze in just one! Talk about a hat-trick win for Ivory Coast, making it their third time clinching the AFCON cup.
Source : Twitter
While the AFCON soccer analysts were on the hunt for goal-scoring chances in the finals between Ivory Coast and Nigeria, financial market analysts were having their own game, searching for sweet deals in the cocoa markets from both countries now that cocoa price is on the rise hovering around $5592.55 per tonne after hitting it’s all time high price $5793.27 on 10th February 2024. It’s like a match between the bean counters and the goal kickers!
Cocoa Daily Chart, Source : Metatrader 4
Let’s delve into the numbers to compare the opportunities each country offers:
- Production Volume:
Ivory Coast: Reigns as the world’s largest cocoa producer, churning out over 2 million metric tonnes annually.
Nigeria: While not on the same scale, it secures its spot as the fourth-largest producer, with an annual output of around 350,000 metric tonnes.
- Current Cocoa Market Price:
Nigeria: Cocoa beans from Nigeria fetch a wholesale price ranging from US$2.03 to US$2.71 per kilogram.
Ivory Coast: With a slightly lower range, Ivory Coast cocoa beans command between US$1.37 and US$2.06 per kilogram.
- Export Income:
Ivory Coast: The mammoth production translates to billions in export revenue, averaging between $5 billion to $7 billion USD annually.
Nigeria: Despite a smaller scale, Nigeria’s cocoa exports rake in approximately $900 million per year, contributing significantly to its foreign exchange earnings.
- Number of Farmers:
Ivory Coast: Boasts a vast cocoa farming community, providing livelihoods for over 5 million farmers and their families.
Nigeria: Employs around 300,000 farmers, sustaining rural communities and offering essential income opportunities.
- Impact in the World:
Ivory Coast: Supplies over 40% of the world’s cocoa, exerting significant influence on global chocolate prices and availability.
Nigeria: Contributes approximately 6% of the global cocoa supply, ensuring market stability and offering diversity to chocolate manufacturers worldwide.
- Impact on the Country:
Ivory Coast: Cocoa production is a pillar of the economy, contributing over a third of the GDP and supporting millions of livelihoods.
Nigeria: While smaller in scale, cocoa farming supports rural economies and provides vital income opportunities, bolstering the country’s agricultural sector.
Conclusion:
In conclusion, Ivory Coast’s victory in both hosting and winning the AFCON cup highlights its prowess not only on the soccer field but also in the cocoa market. With its status as the world’s largest cocoa producer and significant economic contributions, Ivory Coast continues to demonstrate its dominance in both sports and commerce. Meanwhile, Nigeria’s presence in the cocoa market, though smaller in scale, underscores its role in global supply chains and its contribution to rural livelihoods. As the cocoa market evolves, both nations offer unique opportunities for investors and stakeholders alike.
Sources :
https://twitter.com/IamMzilikazi/status/1756819590699475008?t=3WbMFnhCORSs81mwNdweuQ&s=19
https://www.selinawamucii.com/insights/prices/ivory-coast/cocoa-beans/
