The Federal Executive Council (FEC) has approved a draft bill to establish the National Cocoa Management Board (NCMB), a move aimed at revitalizing Nigeria’s cocoa industry. Minister of Agriculture and Food Security, Abubakar Kyari, announced the approval, stating the initiative seeks to position Nigeria as a major global cocoa player and improve farmer welfare.
Minister Abubakar Kyari further explained that the National Cocoa Management Board (NCMB) aims to ensure sustainable practices and improve the livelihoods of smallholder cocoa farmers. The NCMB will regulate the sub-sector, rehabilitate plantations, provide credit, and enforce market standards. Kyari expects the board to drive a sustainable cocoa economy, boosting GDP, attracting youth, and increasing foreign exchange earnings. He cited Nigeria’s N356.16 billion cocoa earnings in 2023, stating the NCMB will enable competition with top producers. The board will also oversee production and industrialization strategies and enforce market rules. The Minister announced the bill’s transmission to the National Assembly for legislative action.