To expand the commodities trading ecosystem and generate foreign exchange for the country, the Securities and Exchange Commission (SEC) has stated its willingness to collaborate with the Nigerian Agricultural Insurance Corporation (NAIC), Entrepreneur report.
During a meeting with the NAIC’s management in Abuja over the weekend, the SEC’s Director-General, Lamido Yuguda, assured that the commission is committed to developing the commodities ecosystem as a powerful way forward in Nigeria’s quest for sustainable foreign exchange earnings and economic development. He stated that and l quote:
“In the last few months, this has been exacerbated by low oil production and oil theft in the country,” he says. This has frequently resulted in currency shortages and balance-of-payment issues.”
He added that as part of its implementation of the 10-year Capital Market Master Plan, the commission formed a technical committee on the commodities trading ecosystem whose mandate was to identify challenges in the current framework and develop a Roadmap for a vibrant ecosystem.
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A committee comprised of various stakeholders, including the SON, was formed to oversee the report’s implementation. One of the report’s recommendations was to create grading and standardization systems that adhere to international best practices. As a result, we are eager to collaborate with NAIC to expand the commodities sector.
Yuguda also stated that the SEC and NAIC share many similarities because both organizations are government agencies dedicated to the growth of the economy’s commodities sector.
The SEC DG stated that there are markets that require the commodities produced in Nigeria, but that the only impediment at the moment is a lack of standards, which is why some of the commodities are not currently accepted in the international market.
ln conclusion, He assured that the SEC is working hard to ensure that agricultural produce meets international specifications for export hence the need to also work with NAIC in a bid to be able to mitigate various risks in the ecosystem when they happen is also relevant.
This sector is key to our country’s future. If we can harness it, it will significantly improve the country’s economy.
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In essence, if more agricultural produce is improved, many Nigerians will be glad if inflated food prices around the globe are cut down. So the SEC is implored to make its move to end this agricultural plight in the Nigerian economic system towards the provision of surplus food.
Source: The Guidiance
