The Federal Executive Council (FEC), presided over by President Bola Ahmed Tinubu, has approved a draft bill for the creation of the National Cocoa Management Board (NCMB), marking a significant stride towards revitalising Nigeria’s cocoa industry.
Speaking to journalists following the Council meeting, the Minister of Agriculture and Food Security, Abubakar Kyari, stated that the initiative aims to reposition Nigeria as a major player in the global cocoa market while improving the livelihoods of cocoa farmers across the country.
The proposal aligns with broader efforts to promote sustainable agricultural practices and uplift the smallholder farmers at the heart of cocoa production.
According to Kyari, the NCMB will be mandated to regulate the cocoa sub-sector, rehabilitate ageing plantations, provide soft credit facilities to farmers, and enforce market standards.
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The board will also champion the development of a sustainable cocoa economy, with objectives including boosting domestic consumption, attracting youth participation in agriculture, and increasing foreign exchange earnings through the export of premium-quality cocoa products.
“In 2023, Nigeria generated ₦356.16 billion from cocoa beans and related products. With this new structure, we intend to compete directly with leading global producers such as Ghana and Côte d’Ivoire,” Kyari said.
The NCMB will further oversee production and industrialisation strategies to ensure prosperity at the farm gate and stability across the market. Once operational, the board will have the authority to approve and enforce all regulatory and commercial frameworks within the cocoa value chain.
Kyari also confirmed that the Council has approved the transmission of the draft bill to the National Assembly for legislative consideration.
