The Federal Executive Council (FEC), chaired by President Bola Tinubu, has approved the draft bill for the establishment of the National Cocoa Management Board (NCMB), aimed at regulating the cocoa sub-sector for economic development in Nigeria.
The approval, which was announced via the official X handle of the Special Adviser to the President on Media and Public Communications, Sunday Dare, will empower the NCMB to enhance Nigeria’s opportunities in the global cocoa market and improve the prosperity of Cocoa farmers in Nigeria.
According to the statement, 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 foreign exchange earnings from the export of consistently superior quality products.
The board is also expected to rehabilitate and develop cocoa plantations, approve, regulate, and enforce all market rules, and provide soft credits to cocoa farmers.
In 2023, Nigeria generated N356.16 billion worth of cocoa beans and its allied products. With this new framework, Nigeria will join Ghana and Côte d’Ivoire in competing for the global cocoa market.
The bill will be transmitted to the National Assembly shortly for legislative action and enactment.
What you should know
The National Cocoa Management Board (NCMB) is a crucial body in Nigeria’s agricultural sector, specifically focused on the cocoa industry.
The Federal Government of Nigeria inaugurated the National Cocoa Management Committee (NCMC) on August 2, 2022.
The primary objective is to revitalize Nigeria’s cocoa industry, enhance its contribution to the GDP, and improve the livelihoods of cocoa farmers.
The NCMC is intended to be a national coordinating and regulatory body for the cocoa value chain, addressing challenges such as pests and diseases, infrastructure, old plantations, aging farmers, processing, access to finance, environmental concerns, and the absence of a unified national body.
The NCMB has faced funding challenges that have hampered its operations, including quality control, contract arbitration, child labor monitoring, and deforestation efforts.
Stakeholders in the cocoa sector are actively appealing to the government for the necessary funding and the transformation of the NCMC into a fully functional board with legal backing.
The establishment of a well-funded and empowered NCMB is expected to boost Nigeria’s cocoa production and export capacity.
It aims to improve the quality of Nigerian cocoa and ensure it meets international standards.
Ultimately, it seeks to increase the income and prosperity of Nigerian cocoa farmers and position Nigeria as a more significant player in the global cocoa market, potentially competing with top producers like Ghana and Côte d’Ivoire.
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