Nigeria’s Federal Executive Council (FEC) has approved a new bill to establish the National Cocoa Management Board (NCMB), aimed at reviving and regulating the country’s cocoa industry.
The decision was made on Monday during a council meeting chaired by President Bola Tinubu.
According to Sunday Dare, the President’s special adviser on media and communication, the NCMB will be responsible for overseeing cocoa production, improving quality, and increasing Nigeria’s presence in the global cocoa market.
“This approval by FEC will empower the NCMB to enhance Nigeria’s opportunities in the global cocoa market and improve the prosperity of cocoa farmers,” Dare posted on social media platform X.
He added that the board’s goals include supporting farmers with low-interest loans, promoting domestic consumption, and helping Nigeria compete with leading cocoa exporters such as Ghana and Côte d’Ivoire.
The NCMB will also be tasked with regulating cocoa production, restoring plantations, enforcing market standards, and driving youth engagement in agriculture.
In 2023, Nigeria produced cocoa beans and related products worth N356.16 billion. The government has set a target to increase cocoa production to 500,000 metric tonnes by 2025, up from 340,000 tonnes in 2022.
The NCMB bill will soon be sent to the National Assembly for legislative approval.