An end to sugar quotas in the European Union, expected by the EU Council as early as 2017, may promote trade of the sweetener within Africa as Ethiopia and Nigeria plan to raise output, said Ecobank Transnational Ltd.
Cocoa supplies may outpace demand for a second year in the 2011-12 season starting in October as consumption falls, according to Ecobank Transnational Inc., the Togo-based lender operating in more than 30 African countries.
Chancellor of the Exchequer George Osborne is considering looking outside the Bank of England for a successor to Mervyn King, which would be the first such move in 30 years, according to two people with knowledge of the matter.
The cocoa crop in Ivory Coast, the world’s largest grower, will fall from a record 1.5 million metric tons to 1.385 million tons in the season starting next month, according to Lome, Togo-based lender Ecobank Transnational Inc.
Nigeria, which spends $10 billion a year importing wheat, sugar, rice and fish, plans to boost domestic food production by 20 million metric tons by 2015, according to the country’s agriculture ministry.