Tinubu approves Cocoa Management Board
By Samuel Ogunsona
President Bola Tinubu has approved the establishment of Cocoa Management Board with the aim of bringing back the old glory of the industry.
Nigeria was a net exporter of Cocoa led in the 1950s to 1970 by the old Western Nigeria.
The President through the Federal Executive Council, (FEC) has given its nod for a proposed legislation aimed at establishing the National Cocoa Management Board (NCMB).
This move is designed to breathe new life into Nigeria’s cocoa industry and stimulate economic growth. States in tropical forests in the South and Middle Belt are expected to benefit from the initiative.
Irohinoodua was unformed that the proposed NCMB will play a crucial role in regulating and overseeing cocoa production, enhancing Nigeria’s competitiveness in the global cocoa market, and improving the livelihoods of local cocoa farmers.
According to the FEC, the initiative seeks to build a sustainable cocoa economy that can become a major contributor to the country’s GDP.
“The proposed board will be tasked with regulating and overseeing cocoa production, enhancing Nigeria’s competitiveness in the global cocoa market, and improving the livelihoods of local cocoa farmers,” the FEC stated.
The NCMB will focus on several key areas, including revitalizing cocoa production, encouraging industrial growth, boosting domestic consumption, increasing youth participation, and raising foreign exchange earnings through the export of consistently high-quality cocoa products.
To achieve these objectives, the NCMB will be responsible for the restoration and enhancement of cocoa plantations nationwide.
It will regulate the sector by approving and enforcing market policies, as well as providing low-interest loans to cocoa farmers to stimulate growth.
In 2023, Nigeria’s cocoa beans and related exports were valued at N356.16 billion. With this move, Nigeria aims to align itself with top cocoa producers like Ghana and Côte d’Ivoire to secure a larger share of the global cocoa market.
The NCMB bill is expected to be forwarded to the National Assembly (NASS) for legislative approval soon
If approved, the board will play a critical role in transforming Nigeria’s cocoa industry and contributing to the country’s economic growth.
