By Abdullahi Lukman
The Federal Executive Council (FEC) has approved a draft bill for the establishment of the National Cocoa Management Board (NCMB), in a move aimed at revamping Nigeria’s cocoa industry and boosting the country’s global standing in the sector.
Minister of Agriculture and Food Security, Abubakar Kyari, disclosed this to journalists on Monday after the FEC meeting presided over by President Bola Tinubu at the Presidential Villa, Abuja.
Kyari described the proposed board as a strategic intervention to regulate the cocoa sub-sector, support farmers, and attract new investment.
According to him, the NCMB will focus on rehabilitating old plantations, providing soft loans to farmers, enforcing quality standards, and developing production and industrialisation strategies.
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“This is a critical step toward repositioning Nigeria as a key player in the global cocoa market,” Kyari said.
“The board will enhance the welfare of cocoa farmers, ensure sustainable practices, and contribute significantly to the national economy.”
The minister noted that Nigeria earned N356.16 billion from cocoa beans and related products in 2023, and expressed optimism that the new board would boost those figures by improving market coordination and value addition.
Kyari also said the initiative would help drive local consumption, encourage youth participation in agriculture, and increase foreign exchange earnings through the export of premium-quality cocoa.
He added that the NCMB will have the authority to oversee the entire cocoa value chain and enforce all operational and market rules to ensure stability and transparency.
Following FEC’s approval, the draft bill is set to be transmitted to the National Assembly for legislative action.
