The Federal Executive Council (FEC), led by President Bola Ahmed Tinubu, has approved a draft bill for the establishment of the National Cocoa Management Board (NCMB).

The legislation, once passed, will regulate and revamp the cocoa sector to foster sustainable economic growth, enhance export earnings, and improve the livelihoods of cocoa farmers across the country.

The NCMB will serve as a central body to oversee cocoa production, enforce market regulations, offer low-interest loans to farmers, and revitalize cocoa plantations.

Its key objectives include boosting domestic consumption, supporting youth engagement in agriculture, and ensuring Nigeria’s cocoa products meet international quality standards.

The move comes as Nigeria intensifies efforts to reclaim its place in the global cocoa market alongside top producers like Ghana and Côte d’Ivoire.

Nigeria’s cocoa industry has shown fluctuating yet resilient performance in recent years.

In 2015, the country exported cocoa beans and related products valued at approximately N131 billion.

By 2020, the value had risen to N208 billion, and in 2021, it climbed to N234 billion.

In 2023, Nigeria recorded a peak value of N356.16 billion in cocoa exports, demonstrating the sector’s untapped potential.

Despite being the fourth-largest cocoa producer in the world, Nigeria’s full potential has been hindered by aging plantations, low yields, poor access to finance, and limited value addition.

The proposed NCMB is expected to tackle these challenges through coordinated investment, regulation, and farmer support.

Once established, the board will also play a key role in securing Nigeria’s share in international cocoa price negotiations and advocating fairer returns for local producers.

The bill establishing the NCMB is scheduled to be transmitted to the National Assembly in the coming weeks for legislative approval.