Acting Director-General of the Securities and Exchange Commission (SEC), Ms. Mary Uduk, says a more organized Commodities Exchange in Nigeria will enhance efficiency and lead to economic growth and development.
Receiving members of the Commodities Trading Ecosystem Implementation Committee in her office in Abuja, weekend, she said such is an integral part of the economy whose potentials have not been fully harnessed for the country to enjoy the inherent benefits.
Benefits derivable from promoting commodity exchanges and the ecosystem in general, she stressed, include providing a transparent pricing mechanism, making agribusiness attractive, while fostering financial inclusion. She also noted the possibility of improving the quality of agricultural output and profitability and in the process, government revenue, as well as enhancing the wellbeing of the farming communities. Such, Uduk continued, helps reduce rural-urban drift.
The Commodities Trading Ecosystem Implementation Committee, comprises representatives of the Nigeria Export Import Bank (NEXIM), Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL), Central Bank of Nigeria (CBN), Nigeria Commodities Exchange (NCX), Financial Sector Surveillance (FSS2020), Chartered Institute of Stockbrokers (CIS), FMDQ OTC Exchange, and Africa Exchange Holdings, Limited (AFEX).
They have been mandated to implement recommendations of the report of the Technical Committee on Commodities Trading Ecosystem.
Ms. Daisy Ekineh, a former Executive Commissioner and Acting Director-General of the SEC, who led the team, gave an update of the Committee’s activities, commending the commission on its efforts at ensuring a vibrant Commodities Ecosystem in Nigeria.
The Committee developed a roadmap for educating and enlightening all stakeholders to enable them understand the responsibility of each stakeholder and is planning an International Stakeholders conference chaired by NIRSAL with people from all over the world scheduled to attend.