President Tinubu Approves Draft Bill for National Cocoa Management Board to Boost Economic Growth
New Regulatory Body to Strengthen Nigeria’s Cocoa Industry
President Bola Tinubu has granted approval for the draft bill establishing the National Cocoa Management Board (NCMB), a strategic move aimed at regulating Nigeria’s cocoa sub-sector for enhanced economic development.
Presidential spokesperson Sunday Dare confirmed the approval in a statement on Monday, noting it was granted during a Federal Executive Council meeting in Abuja.
Boosting Nigeria’s Global Cocoa Position
The newly approved board is expected to significantly improve Nigeria’s competitiveness in the global cocoa market while increasing prosperity for local cocoa farmers. According to Dare, the initiative will create “a sustainable cocoa economy that will be the leading GDP contributor.”
The NCMB’s establishment is projected to drive multiple benefits including:
- Resurgence in cocoa production and industrialization
- Increased domestic consumption
- Improved farm gate prosperity
- Greater youth engagement in the sector
- Enhanced foreign exchange earnings from premium quality exports
Key Functions of the NCMB
The board will undertake several critical functions to transform Nigeria’s cocoa industry:
Rehabilitation and development of cocoa plantations across the country
Market regulation including approval and enforcement of market rules
Provision of soft credits to support cocoa farmers
Nigeria’s Cocoa Economic Potential
Dare highlighted Nigeria’s significant cocoa production capacity, revealing that in 2023 alone, the country generated N356.16 billion worth of cocoa beans and related products.
“With this development, Nigeria will join Ghana and Côte d’Ivoire in competing more effectively in the global cocoa market,” Dare stated, adding that “the NCMB bill will be transmitted to the National Assembly for enactment shortly.”
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