Russia plans on purchasing cocoa beans straight from Nigeria
Date
8/29/2024 8:24:48 AM
(MENAFN) Russia is set to initiate direct imports of cocoa beans from Nigeria, with the first shipments anticipated between September and October, according to a report by TASS. Maksim Petrov, Moscow's trade representative in Nigeria, revealed that Russian trading houses will handle these deliveries. These agencies, which are already engaged in exporting various goods such as frozen fish, alcohol, chocolate, and meat to Nigeria, are expected to start moving cocoa beans from the West African nation this autumn.
Petrov highlighted that leading Russian chocolate manufacturers have tested Nigerian cocoa beans and are pleased with their quality. The direct imports align with Russia's broader strategy to diversify its cocoa supply chain, particularly away from 'unfriendly' countries. Nigeria's cocoa sector, which is the fourth largest globally after Ivory Coast, Ghana, and Indonesia, consists primarily of smallholder farmers, with commercial plantations covering about 1.4 million hectares.
The move comes as Russia has been adjusting its cocoa bean supply sources. Last year, Russia increased its imports from Ecuador significantly, driven by a decline in output from West Africa's top producers—Ivory Coast and Ghana—due to drought and disease. Russian imports of Ecuadorian cocoa beans surged 1.6 times to 1,800 tons, with import costs rising 2.1 times to USD5.7 million amidst escalating global cocoa prices.
Petrov's announcement underscores Russia's intent to secure a more stable and diverse cocoa supply, reducing dependency on traditional suppliers amidst geopolitical tensions. This strategic shift reflects broader trends in global commodity trading and highlights Nigeria's growing role in the international cocoa market.
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