The Federal Executive Council, under President Bola Tinubu, has approved a bill to establish the National Cocoa Management Board (NCMB). The board will regulate Nigeria’s cocoa industry, aiming to boost farmers' livelihoods, drive economic growth, and position Nigeria alongside Ghana and Côte d'Ivoire in the global cocoa market.
The NCMB will:
Oversee cocoa production and enforce market regulations
Provide low-interest loans to farmers
Revive plantations and encourage youth involvement
Promote domestic consumption and increase foreign exchange earnings
In 2023, Nigeria’s cocoa exports were valued at ₦356.16 billion. The bill will soon be sent to the National Assembly for approval.
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