From Juliana Taiwo-Obalonye, Abuja
The Federal Executive Council (FEC), led by President Bola Tinubu, has approved a draft bill to establish the National Cocoa Management Board (NCMB), in a significant move to boost Nigeria’s cocoa industry.
The bill will soon be sent to the National Assembly for legislative approval and enactment.
The announcement was made by President’s Special Adviser on Media and Public Communications, Sunday Dare, via his official X account @SundayDareSD.
The NCMB will regulate the cocoa sector, rehabilitate plantations, provide soft loans to farmers, and enforce market standards.
He said the bill aims to create a sustainable cocoa economy that enhances Nigeria’s GDP by increasing domestic consumption, attracting youth to agriculture, and boosting foreign exchange through premium cocoa exports.
Dare noted that in 2023, Nigeria earned N356.16 billion from cocoa products, and with the new board, the country plans to compete with top global producers like Ghana and Côte d’Ivoire.
The NCMB will also oversee production and industrialization strategies to ensure farm gate prosperity and market stability.
Details later…