The cocoa market’s OPEC may be about to get bigger, with Nigeria being lined up to join the Living Income Differential system set up by top producers Ivory Coast and Ghana.
Ivory Coast and neighboring Ghana, which produce about 60% of the world’s cocoa, set up the LID system in 2019 to charge the $100 billion chocolate industry a premium to boost the income of some of the poorest growers. Bringing Nigeria on board could strengthen the hand of producers, whose efforts have been undercut by a pandemic surplus that lowered prices.
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