President Bola Tinubu has approved the draft bill for the Establishment of the National Cocoa Management Board (NCMB) “to regulate the Cocoa sub-sector for economic development.”
The President gave the approval at the Federal Executive Council (FEC) Meeting.
The Presidency said, “this approval by FEC will empower the NCMB to enhance Nigeria’s opportunities in the global cocoa market and improve the prosperity of Cocoa farmers in Nigeria”, adding, “Nigeria will join Ghana and Côte d’Ivoire in competing for the global cocoa market”.
According to Sunday Dare (X/@SundayDareSD), Special Adviser, Media & Public Communication/Spokesperson to President Bola Tinubu: “FEC: President Bola Tinubu in Council has approved the draft bill for the Establishment of the National Cocoa Management Board (NCMB) to regulate the Cocoa sub-sector for economic development. This approval by FEC will empower the NCMB to enhance Nigeria’s opportunities in the global cocoa market and improve the prosperity of Cocoa farmers in Nigeria. It will help create a sustainable Cocoa economy that will be the leading GDP contributor through a resurgence in production and industrialization to trigger robust domestic consumption, farm gate prosperity, youth engagement and increased foriegn exchange earnings from the export of consistently superior quality products. The board will rehabilitate and develop cocoa plantations, approve, regulate and enforce all market rules. Provide soft credits to cocoa farmers. In 2023 Nigeria generated N356.16 billion worth of cocoa beans and its allied products. Nigeria will join Ghana and Côte d’Ivoire in competing for the global cocoa market. NCMB bill will be transmitted o NASS for enactment shortly.”
