The Federal Executive Council (FEC), led by President Bola Ahmed Tinubu, has approved a draft bill for the creation of the National Cocoa Management Board (NCMB), marking a significant move towards reviving Nigeria’s cocoa industry.
Speaking to journalists after the meeting, the Minister of Agriculture and Food Security, Abubakar Kyari, stated that the proposed board is designed to position Nigeria as a leading force in the global cocoa market while also improving the living conditions of cocoa farmers across the country.
This initiative is part of a broader strategy to promote sustainable agricultural practices and uplift smallholder farmers who form the backbone of cocoa production.
Kyari noted that the NCMB will be responsible for regulating the cocoa sector, restoring plantations, offering accessible credit to farmers, and upholding market standards.
Additionally, the board will play a key role in building a sustainable cocoa economy—enhancing GDP contribution, increasing local consumption, encouraging youth participation in agriculture, and boosting foreign exchange through the export of high-quality cocoa products.
“In 2023, Nigeria earned N356.16 billion from cocoa beans and related products. With this structure in place, we aim to compete more effectively with global leaders like Ghana and Côte d’Ivoire,” Kyari said.
The NCMB will also oversee cocoa production and industrialisation efforts to ensure stable markets and improved earnings for farmers. Once operational, it will be responsible for setting and enforcing policies across the cocoa value chain.
The Minister added that the council has agreed to forward the bill to the National Assembly for further legislative processes.
