FG Moves to Establish National Cocoa Management Board
The Federal Government has unveiled plans to establish the National Cocoa Management Board (NCMB) as part of efforts to revitalise and regulate Nigeria’s cocoa industry.
The Special Adviser to the President on Media and Public Communications, Sunday Dare, disclosed this on Monday while briefing journalists after the Federal Executive Council (FEC) meeting presided over by President Bola Tinubu at the Presidential Villa, Abuja.
Dare said the FEC approved a draft bill for the establishment of the board, which will soon be transmitted to the National Assembly for legislative consideration and enactment.
According to him, the NCMB will be tasked with regulating the cocoa sector, rehabilitating moribund plantations, providing soft loans to farmers, and enforcing quality and market standards to improve Nigeria’s global competitiveness.
He explained that the proposed board aims to build a sustainable cocoa economy that will enhance the country’s Gross Domestic Product (GDP) by promoting domestic consumption, attracting youth to agriculture, and increasing foreign exchange earnings through premium cocoa exports.
“In 2023, Nigeria generated N356.16 billion from cocoa products. With the National Cocoa Management Board in place, we intend to position the country to effectively compete with global leaders in cocoa production such as Ghana and Côte d’Ivoire,” Dare said.
The NCMB, he added, will also coordinate production and industrialisation strategies to ensure prosperity at the farm gate and long-term market stability
