Cross River State, Nigeria's second-largest cocoa grower, has concluded plans to sell five government-owned farms in a bid to boost production of the commodity with private investment.
In a telephone interview with Bloomberg, the Executive Secretary of Cross River State Council on Privatization, Dave Amiye, said bidding for the cocoa farms which opened since beginning of the month for prospective investors will end tomorrow May 19, and the government expects to sell the five farms before the end of next year.
The farms cover 12,129 hectares (29,971 acres) and produced about 50,000 metric tons annually, Amiye said.
Nigeria, the world's fourth-largest cocoa producer, probably will see output jump 10 percent in 2013-2014 season after higher prices last year led to planting of more disease-resistant plants, the Cocoa Association of Nigeria said January 24.
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