In a bid to rejuvenate Nigeria’s cocoa industry, the Federal Executive Council (FEC) has approved a draft bill for the establishment of a National Cocoa Management Board (NCMB).
Presided over by President Bola Tinubu, the council’s decision marks a strategic effort to position Nigeria as a more competitive player in the global cocoa market. The proposed legislation will soon be transmitted to the National Assembly for consideration and passage into law.
Key Objectives of the NCMB
According to Sunday Dare, Special Adviser to the President on Media and Public Communications, the board will be tasked with:
– Regulating the cocoa sector to ensure quality and market standards
– Rehabilitating ageing cocoa plantations to boost productivity
– Providing soft loans and support to local farmers
– Implementing strategies to increase domestic cocoa consumption
– Enhancing foreign exchange earnings through premium exports
Economic Potential
Nigeria’s cocoa sector generated ₦356.16 billion in 2023, and the new initiative aims to expand this contribution to the nation’s GDP. The government envisions the NCMB helping Nigeria compete more effectively with leading producers like Côte d’Ivoire and Ghana, while also creating opportunities for youth employment in agriculture.
Next Steps
Once established, the board will oversee cocoa production, industrialisation policies, and market stabilisation measures to ensure profitability for farmers and stakeholders.
Further details on the bill’s provisions and implementation timeline are expected as it progresses through the National Assembly.
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