News in Brief:
– The Federal Executive Council has approved a draft bill to establish the National Cocoa Management Board, aiming to revitalise Nigeria’s cocoa industry.
– The initiative will enhance farmers’ welfare and position the nation as a key global player through increased production and high-quality exports
The Federal Executive Council (FEC) has approved a draft bill to establish the National Cocoa Management Board (NCMB), signalling a significant move to revamp Nigeria’s cocoa sector.
Minister of Agriculture and Food Security Abubakar Kyari informed the press about this development after an FEC meeting in Abuja, presided over by President Bola Tinubu.
Aiming for global leadership and farmer welfare
Essentially, the proposed board is intended to position Nigeria as a prominent player in the international cocoa trade while simultaneously improving the well-being of cocoa farmers across the country, according to the Minister.
This initiative is part of a larger strategy to promote sustainable farming methods, which will enhance the livelihoods of small-scale farmers, who are central to the industry.
Additionally, Kyari explained that the NCMB will have the authority to regulate the cocoa industry, oversee the restoration of cocoa plantations, offer accessible credit to farmers, and implement quality standards in the market.
Expected economic and agricultural benefits
The Minister stated that the board is projected to foster a sustainable cocoa economy that will substantially contribute to Nigeria’s Gross Domestic Product (GDP).
Its mandate includes increasing domestic consumption, encouraging youth involvement in agriculture, and boosting foreign exchange earnings through the export of high-grade cocoa products.
He highlighted that Nigeria generated over ₦356 billion from cocoa beans and related products in 2023. With the establishment of this new regulatory body, Nigeria aims to compete directly with leading global producers such as Ghana and Côte d’Ivoire.
Furthermore, the NCMB will be responsible for managing production and industrialisation strategies to ensure profitability at the farm level and stability within the market. Once operational, the board will approve and enforce all operational and market regulations throughout the cocoa value chain.
The Minister announced that the council has directed that the bill be forwarded to the National Assembly for legislative consideration.
