Nigeria approves National Cocoa Management Board to boost sector, compete globally
New cocoa board to support farmers, regulate market, and drive Nigeria’s competitiveness in the global cocoa value chain.
NIGERIA – Nigeria’s Federal Executive Council (FEC), chaired by President Bola Tinubu, has approved a draft bill for the establishment of the National Cocoa Management Board (NCMB).
The initiative aims to regulate and revitalize the country’s cocoa sub-sector as part of broader efforts to drive economic growth and improve farmers’ livelihoods.
According to Sunday Dare, Special Adviser to the President on Media and Public Communications, the NCMB will be tasked with rehabilitating cocoa plantations, providing soft credit to farmers, enforcing quality and market standards, and driving industrialization strategies.
The board will also set and implement operational guidelines across the cocoa value chain to ensure market stability and sustainable development.
The proposed NCMB is expected to elevate Nigeria’s position in the global cocoa market while contributing significantly to GDP. It will also focus on increasing domestic consumption and attracting youth to agriculture through targeted support and incentives.
“In 2023, Nigeria generated N356.16 billion from cocoa beans and allied products,” Dare stated. “With this new framework, we will be competing directly with top global producers like Ghana and Côte d’Ivoire.”
Nigeria has set an ambitious target of producing 500,000 metric tons of cocoa for the 2024–2025 season, a significant increase from the 280,000 tons recorded in 2023, according to the Food and Agriculture Organization (FAO) of the United Nations. Nigeria is currently the world’s seventh-largest cocoa bean producer.
The board’s creation is also expected to boost Nigeria’s foreign exchange earnings through the export of high-quality cocoa and processed products. It is part of a larger strategy to transform cocoa farming into a more profitable and attractive venture.
Ghana to announce new prices
Meanwhile, neighboring Ghana is also taking steps to strengthen its cocoa sector. The Ghana Cocoa Board (COCOBOD) has assured local farmers of an increase in producer prices ahead of the official announcement in August, amid rising global prices and market pressure.
COCOBOD’s current producer price stands at GH₵3,100 per 64kg bag. Côte d’Ivoire, Ghana’s main competitor, set its farmgate price for the April mid-crop at 2,200 CFA francs (US$3.62) per kilogram.
COCOBOD spokesperson Jerome Sam revealed the agency is grappling with a US$1.4 billion revenue loss due to past contract inefficiencies, underscoring the importance of reforms in the West African cocoa sector.
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