The Federal Executive Council (FEC), under the leadership of President Bola Tinubu, has approved the draft bill to establish the National Cocoa Management Board (NCMB), a major move aimed at revitalizing Nigeria’s cocoa sector and enhancing its contribution to the national economy.
The approval was announced through the official X handle of Sunday Dare, Special Adviser to the President on Media and Public Communications.
According to Dare, the NCMB will be empowered to strengthen Nigeria’s standing in the global cocoa market and improve the prosperity of cocoa farmers across the country.
The statement explained that the board’s work will focus on creating a sustainable cocoa economy that drives GDP growth through increased production and industrialization. It will also aim to boost domestic consumption, improve farm gate income, engage more youth in the sector, and raise foreign exchange earnings from the export of superior quality cocoa products.
The NCMB will have responsibilities ranging from rehabilitating and developing plantations, approving and enforcing market rules, to providing soft credit for farmers to enhance productivity.
In 2023 alone, Nigeria generated N356.16 billion from cocoa beans and allied products. With the establishment of this new regulatory framework, Nigeria is expected to join top African producers Ghana and Côte d’Ivoire in competing more aggressively for a larger share of the global cocoa market.
The draft bill is set to be transmitted to the National Assembly for legislative action and formal enactment.
The move builds on earlier efforts by the Federal Government, which inaugurated the National Cocoa Management Committee (NCMC) on August 2, 2022.
That committee was created to address a range of industry challenges, including aging plantations, pest and disease control, infrastructure gaps, financing difficulties, environmental concerns, and the absence of a national coordinating body.
However, stakeholders in the cocoa sector have long called for the transformation of the NCMC into a fully functional, well-funded board with legal authority. They argue that this will enable Nigeria to better address critical issues like quality control, contract enforcement, child labor monitoring, and deforestation.
If fully backed and financed, the NCMB is expected to significantly increase Nigeria’s cocoa production, improve international quality standards, and raise the income and well-being of Nigerian cocoa farmers.
Ultimately, the board’s success could elevate Nigeria’s position in the global cocoa industry and strengthen its competitiveness alongside regional leaders like Ghana and Côte d’Ivoire.
