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PROFITABILITY AND YIELD DETERMINANTS IN NIGERIAN COCOA FARMS: EVIDENCE FROM ONDO STATE
ABSTRACT
This study assessed the profitability of cocoa farms in Nigeria’s largest cocoa producing state and ascertained their profitability determinants. A stratified random sampling method was used to select a total of 125 farmers from 5 Local Government Areas of Ondo state. Primary data was collected via a set of structured questionnaire. Data were analyzed using descriptive statistics, budgetary analysis and OLS multiple regression models. Results showed that cocoa production is profitable with mean profit of US$10342.93. The determinants were labour, capital, seedlings planted and household size. It was recommended that cocoa farming be promoted to create jobs/reduce poverty as well as microfinance banks and agricultural agencies to provide farmers with access to credit. Farmers need to be trained on most efficient ways of production to guarantee sustainable production of cocoa in Nigeria.
Keywords: Cocoa, Profitability, resource productivity, Ondo State, cocoa farming.