The Federal Executive Council (FEC), chaired by President Bola Tinubu, has approved the draft bill for the establishment of the National Cocoa Management Board (NCMB), marking a major step toward revitalising Nigeria’s cocoa industry.
The approval, which was announced via the official X handle of thr Special Adviser to the President on Media and Public Communications, was aimed at positioning Nigeria as a leading player in the global cocoa market while improving the livelihoods of cocoa farmers across the country.
According to the statement, the NCMB will be empowered to regulate the cocoa sub-sector, rehabilitate plantations, provide soft credit facilities to farmers, and enforce market standards.
The board is also expected to drive a sustainable cocoa economy that will contribute significantly to Nigeria’s GDP by boosting domestic consumption, attracting youth into agriculture, and increasing foreign exchange earnings through the export of premium-quality cocoa products.
“In 2023, Nigeria generated N356.16 billion from cocoa beans and allied products. With this new framework, we will be competing directly with top global producers like Ghana and Côte d’Ivoire,” Dare stated.
The NCMB will also be tasked with overseeing production and industrialisation strategies to ensure farm gate prosperity and market stability. Once established, the board will approve and enforce all operational and market rules within the cocoa value chain.
The bill will be transmitted to the National Assembly shortly for legislative action and enactment.
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