TINUBU’S FEC APPROVES NATIONAL COCOA BOARD TO REVIVE NIGERIA’S COCOA INDUSTRY
In a major policy move aimed at reviving Nigeria’s cocoa sector and expanding non-oil revenue streams, the Federal Executive Council (FEC) has approved a draft bill establishing the National Cocoa Management Board (NCMB).
The board, once enacted, will be tasked with regulating Nigeria’s cocoa industry, overseeing the rehabilitation of aging plantations, and providing soft loans to farmers. It will also be responsible for enforcing market standards and boosting cocoa production across key producing states like Ondo, Cross River, Ekiti, and Ogun.
Announced through the X account of the Special Adviser to the President on Media and Public Communications, the NCMB is envisioned as a key pillar in President Tinubu’s agricultural and economic diversification agenda. “This is about restoring Nigeria’s place in the global cocoa market and empowering local farmers,” the adviser stated.
In 2023, Nigeria generated ₦356.16 billion from cocoa exports, trailing behind regional competitors like Ghana and Côte d’Ivoire. The new board is expected to close this gap by enhancing cocoa quality and value addition, attracting youth into agriculture, and increasing foreign exchange earnings.
The proposed NCMB will also coordinate industrialisation efforts within the cocoa value chain to stabilise prices and ensure better returns for smallholder farmers. The bill is set to be transmitted to the National Assembly for consideration and passage.
