President Bola Tinubu has approved the draft bill for the establishment of the National Cocoa Management Board (NCMB) to regulate the cocoa sub-sector for economic development.

According to a statement on Monday by presidential spokesperson, Sunday Dare, Tinubu gave the approval during a Federal Executive Council meeting in Abuja.

Dare said the approval will empower the NCMB to enhance Nigeria’s opportunities in the global cocoa market and improve the prosperity of cocoa farmers in Nigeria.

He said it will also help create a sustainable cocoa economy that will be the leading GDP contributor through a resurgence in production and industrialisation to trigger robust domestic consumption, farm gate prosperity, youth engagement and increased foreign exchange earnings from the export of consistently superior quality products.

Dare revealed that the board will rehabilitate and develop cocoa plantations, approve, regulate and enforce all market rules, and provide soft credits to cocoa farmers.

“In 2023, Nigeria generated N356.16 billion worth of cocoa beans and its allied products. Nigeria will join Ghana and Côte d’Ivoire in competing for the global cocoa market. NCMB bill will be transmitted o NASS for enactment shortly,” he said.