FEC approves bill to establish National Cocoa Management Board

By Kunle Sanni

The Federal Executive Council (FEC) has approved a draft bill for the establishment of the National Cocoa Management Board (NCMB), a proposed regulatory body aimed at revitalizing Nigeria’s cocoa industry.

The approval was granted on Monday during a council meeting presided over by President Bola Tinubu. Sunday Dare, Special Adviser to the President on Media and Communication, announced the development in a post on X.

Dare stated that the NCMB will regulate and manage the cocoa sector to boost economic growth and enhance Nigeria’s global competitiveness.

“The NCMB will play a critical role in building a sustainable cocoa economy and making it a major contributor to GDP through increased production, industrialization, and domestic consumption,” he said.

“The initiative will also improve farm incomes, generate jobs for youth, and increase foreign exchange earnings via the export of high-quality cocoa products.”

The proposed board will oversee restoration and expansion of cocoa plantations, enforce market regulations, approve cocoa-related activities, and provide low-interest loans to farmers to boost productivity and sustainability.

Citing recent data, Dare noted that Nigeria produced cocoa beans and related products worth N356.16 billion in 2023. He emphasized the country’s ambition to rival top producers like Ghana and Côte d’Ivoire in capturing a larger share of the international cocoa market.

The NCMB bill is expected to be forwarded to the National Assembly for legislative consideration in the coming weeks.