FEC Approves Draft Bill For National Cocoa Management Board To Boost Nigeria’s Cocoa Sector

In a move aimed at revitalizing Nigeria’s cocoa industry, the Federal Executive Council (FEC), under the leadership of President Bola Tinubu, has approved the draft bill for the establishment of the National Cocoa Management Board (NCMB). The proposed board is expected to serve as a regulatory body for the cocoa sub-sector and drive economic development through increased production, export earnings, and value addition.

The NCMB, once established, will be empowered to enhance Nigeria’s position in the global cocoa market, support cocoa farmers, and create a sustainable cocoa economy that could emerge as a leading contributor to the nation’s GDP. The board will also promote domestic consumption, youth participation, and industrialization within the sector.

According to government sources, the NCMB will be tasked with rehabilitating and developing cocoa plantations across the country. It will also regulate and enforce market rules, as well as provide soft credit facilities to cocoa farmers to boost production and improve livelihoods at the farm gate level.

In 2023 alone, Nigeria generated approximately N356.16 billion from cocoa beans and related products, highlighting the sector’s economic potential. With the establishment of the NCMB, Nigeria is poised to join major cocoa-producing nations like Ghana and Côte d’Ivoire in actively competing for a larger share of the global cocoa market.

The draft bill will soon be transmitted to the National Assembly for legislative consideration and enactment.

This development marks a major policy step in the Tinubu administration’s broader strategy to diversify the economy, increase foreign exchange earnings, and foster inclusive growth through agriculture.