Tinubu Approves Creation Of National Cocoa Management Board

The Federal Executive Council, led by President Bola Tinubu, has approved to a proposed legislation aimed at creating the National Cocoa Management Board (NCMB). This board will oversee the regulation of the cocoa industry to foster economic growth.

The FEC's approval will enable the NCMB to strengthen Nigeria's position in the global cocoa market and boost the livelihoods of cocoa farmers in the country.

This initiative aims to establish a sustainable cocoa economy that becomes the top contributor to GDP by revitalizing production and fostering industrial growth. This will encourage strong domestic consumption, ensure prosperity at the farm level, engage more youth, and boost foreign exchange earnings through the export of consistently high-quality products.

The board will oversee the restoration and enhancement of cocoa plantations, and will be responsible for approving, regulating, and enforcing all market regulations. Additionally, they will offer low-interest loans to cocoa farmers.

In 2023, Nigeria produced cocoa beans and related products valued at N356.16 billion.
 
Nigeria plans to join Ghana and Côte d'Ivoire in vying for a share of the international cocoa market.

The NCMB bill is set to be sent to NASS soon for legislative approval.