Federal Government Approves Bill To Establish National Cocoa Management Board.
The Federal Executive Council (FEC), led by President Bola Tinubu, has approved a proposed legislation to create the National Cocoa Management Board (NCMB). The board will oversee the regulation of the cocoa industry, with the aim of fostering economic growth and strengthening Nigeria’s position in the global cocoa market.
Boosting Cocoa Production
The NCMB will be responsible for restoring and enhancing cocoa plantations, approving and regulating market regulations, and offering low-interest loans to cocoa farmers. The board’s establishment is expected to boost the livelihoods of cocoa farmers, encourage strong domestic consumption, and increase foreign exchange earnings through the export of high-quality cocoa products.
Economic Growth
The initiative aims to establish a sustainable cocoa economy that becomes a top contributor to Nigeria’s GDP. In 2023, Nigeria produced cocoa beans and related products valued at N356.16 billion. The NCMB bill is set to be sent to the National Assembly soon for legislative approval.
Global Market Competitiveness
With the establishment of the NCMB, Nigeria plans to join Ghana and Côte d’Ivoire in vying for a share of the international cocoa market. The board’s oversight and regulatory functions are expected to ensure the production of consistently high-quality cocoa products, enhancing Nigeria’s competitiveness in the global market.
The approval of the NCMB bill is a significant step towards revitalizing Nigeria’s cocoa industry and promoting economic growth. The board’s establishment is expected to have a positive impact on the lives of cocoa farmers and contribute to the country’s economic development.