FEC approves bill to establish board to regulate cocoa industry

The federal executive council (FEC) has approved a proposed legislation aimed at creating the National Cocoa Management Board (NCMB). 

The approval was given on Monday at the meeting led by President Bola Tinubu, according to a post on X by Sunday Dare, special adviser to the president on media and communication.

Dare said the board will oversee the regulation of the cocoa industry to foster economic growth.

“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,” he said.

“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 president’s spokesperson said the board will oversee the restoration and enhancement of cocoa plantations and will be responsible for approving, regulating, and enforcing all market regulations. 

“Additionally, they will offer low-interest loans to cocoa farmers,” he added..

“In 2023, Nigeria produced cocoa beans and related products valued at N356.16 billion.

 “Nigeria plans to join Ghana and Côte d’Ivoire in vying for a share of the international cocoa market.”

Dare added that the NCMB bill will be sent to NASS shortly for legislative approval.

In July 2024, the federal government said it would boost its cocoa production to 500,000 metric tonnes (MT) by 2025 from the 340,000 MT recorded in 2022.