FEC Approves Bill To Establish Cocoa Management Board

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.