FEC Okays Bill To Establish National Cocoa Management Board.
Oru Leonard
The Federal Executive Council (FEC), 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.
This is contained in a press release made available by Kamorudeen Yusuf, Personal Assistant on Special Duties to President Bola Ahmed Tinubu on Monday.
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.
Cover Photo Caption: Federal Executive Council (FEC), being presided President Bola Tinubu in one the meetings.
