The federal government has approved a draft bill for the establishment of the National Cocoa Management Board (NCMB) to revitalise and regulate Nigeria’s cocoa sub-sector for enhanced economic development.
Minister of Agriculture and Food Security, Senator Abubakar Kyari, disclosed this after the Federal Executive Council (FEC), presided over by President Bola Ahmed Tinubu, at the Presidential Villa, Abuja .
He said the move is part of President Tinubu’s strategic plan to reposition Nigeria as a global cocoa powerhouse and ensure greater prosperity for local cocoa farmers.
According to Kyari, the NCMB will be responsible for regulating all aspects of cocoa production and marketing.
It will rehabilitate old plantations, develop new ones, and provide soft credit facilities to support farmers.
The board will also enforce market rules to ensure quality control and consistency in cocoa exports.
“The NCMB is designed to create a sustainable cocoa economy that contributes significantly to our GDP.
It will drive increased domestic consumption, industrialisation, youth participation, and higher foreign exchange earnings,” the minister stated.
In 2023 alone, Nigeria generated N356.16 billion from cocoa beans and related products. With the NCMB in place, the country is set to challenge cocoa giants such as Ghana and Côte d’Ivoire for greater market share in the global cocoa trade.
The NCMB bill will be transmitted to the National Assembly shortly for legislative action and enactment.