MON MAY 05 2025-theGBJournal| President Bola Tinubu on Monday approved the draft bill for the Establishment of the National Cocoa Management Board (NCMB) to regulate the Cocoa sub-sector for economic development, a major boost for the multi-billion naira .
The approval, granted during the Federal Executive Council Meeting in Abuja, 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 also 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, according to the Presidency, will rehabilitate and develop cocoa plantations, approve, regulate and enforce all market rules as well as provide soft credits to cocoa farmers.
The Bill serves as another major attempt to put the sector, dominated by small scale farmers, on a strong footing following several failed attempts.
In 2023 Nigeria generated N356.16 billion worth of cocoa beans and its allied products, despite huge revenue potential of the product.
If this attempt succeeds, Nigeria could join Ghana and Côte d’Ivoire in competing for the global cocoa market.
NCMB bill is expected to be transmitted to NASS for enactment.
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