The Federal Executive Council (FEC), chaired by President Bola Ahmed Tinubu, has approved the draft bill for the establishment of the National Cocoa Management Board (NCMB), indicating a major step towards revitalising Nigeria’s cocoa industry.
Briefing Journalists after the Executive Council meeting, the Minister of Agriculture and Food Security, Abubakar Kyari, explained that the initiative aims to establish Nigeria as a key player in the global cocoa market while enhancing the welfare of cocoa farmers nationwide.
He said that this effort aligns with broader goals to ensure sustainable practices and improve the livelihoods of smallholder farmers who are crucial to the industry.
Kyari further said that NCMB will be empowered to regulate the cocoa sub-sector, rehabilitate plantations, provide soft credit facilities to farmers, and enforce market standards.
The board is also expected to drive a sustainable cocoa economy that will contribute significantly to Nigeria’s GDP by boosting domestic consumption, attracting youth into agriculture, and increasing foreign exchange earnings through the export of premium-quality cocoa products.
“In 2023, Nigeria generated N356.16 billion from cocoa beans and allied products. With this new framework, we will be competing directly with top global producers like Ghana and Côte d’Ivoire,” Kyari stated.
The NCMB will also be tasked with overseeing production and industrialisation strategies to ensure farm gate prosperity and market stability. Once established, the board will approve and enforce all operational and market rules within the cocoa value chain.
The Minister also said that the council approved that the bill be transmitted to the National Assembly for legislative action.
CREDIT:VON
