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), aimed at regulating the cocoa sub-sector for economic development in Nigeria.
The approval, which was announced via the official X handle of the Special Adviser to the President on Media and Public Communications, Sunday Dare, will empower the NCMB to enhance Nigeria’s opportunities in the global cocoa market and improve the prosperity of Cocoa farmers in Nigeria.
According to the statement, it will help create a sustainable Cocoa economy that will be the leading GDP contributor through a resurgence in production and industrialization to trigger robust domestic consumption, farm gate prosperity, youth engagement, and increased foreign exchange earnings from the export of consistently superior quality products.
The board is also expected to rehabilitate and develop cocoa plantations, approve, regulate, and enforce all market rules, and provide soft credits to cocoa farmers.
In 2023, Nigeria generated N356.16 billion worth of cocoa beans and its allied products. With this new framework, Nigeria will join Ghana and Côte d’Ivoire in competing for the global cocoa market.
The bill will be transmitted to the National Assembly shortly for legislative action and enactment.
The National Cocoa Management Board (NCMB) is a crucial body in Nigeria’s agricultural sector, specifically focused on the cocoa industry.
The NCMB has faced funding challenges that have hampered its operations, including quality control, contract arbitration, child labor monitoring, and deforestation efforts.
Ultimately, it seeks to increase the income and prosperity of Nigerian cocoa farmers and position Nigeria as a more significant player in the global cocoa market, potentially competing with top producers like Ghana and Côte d’Ivoire.