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By Aduragbemi Omiyale
The Director-Normal of the Securities and Change Fee (SEC), Mr Lamido Yuguda, has mentioned Nigeria was working tirelessly to encourage the agricultural and mineral commodities market to develop the economic system.
He disclosed this whereas addressing newsmen a couple of days in the past in Lagos, noting that the nation was blessed with varied commodities that may very well be exported and supply the nation with international change (foreign exchange).
Mr Yuguda disclosed that efforts are being made to make sure agricultural produce are of exportable requirements and high quality, stating that the fee is collaborating with the Requirements Organisation of Nigeria (SON) to develop requirements for commodities.
He disclosed that on account of the collaboration with SON, a number of the requirements have been developed and uncovered to completely different markets shut by, and so they have been obtained very effectively.
The DG mentioned that the event of those requirements will pave the way in which for the export of those merchandise to the worldwide market and, in flip, increase the Nigerian economic system.
He mentioned that the company was happy concerning the new authorities’s point out of supporting the commodities sector as it’s going to additional increase the SEC’s efforts at growing the commodities sector.
“Already, we now have licensed a complete of 5 exchanges and in addition permitted the buying and selling and framework for operations of various devices.
“We’re collaborating with NAICOM, CBN, SON and the Fed Min of Stable Minerals and Mines in varied methods to develop the sector. Starting from capability constructing, normal setting, home and worldwide advocacy and so forth,” he mentioned.
“This can be a sector that the fee has been working strenuously to encourage, together with agricultural and mineral commodities. This can be a market that has quite a lot of potential for Nigeria.
“We’re an excellent agricultural nation, and we now have quite a lot of sources, and proper now, most of them are offered in native markets with none kind requirements, and due to that, quite a lot of our agricultural produce is rejected within the worldwide market.
“You see, smaller nations are in a position to export their agricultural merchandise, particularly fruits. Our fruits are among the many greatest on the planet, however sadly, we’re not collaborating on this market due to standardisation points,” Mr Yuguda added.
The SEC chief added, “That is one thing in the appropriate course, it’s a place to begin, and I consider that going additional within the close to future, this may very well be one thing actually vital. We count on the agricultural sector to develop considerably within the nearest future.
“We’re additionally collaborating with the Ministry of Stable Minerals as a result of there may be quite a lot of alternative in that sector. However proper now, there may be quite a lot of artisanal mining, so there must be a collaboration between state governments and the Ministry of Mines so that there’s a form of standardisation and people mining are licenced by the federal government, and this mining is occurring on a sustainable foundation”.
Mr Yuguda acknowledged that as a part of implementing the Capital Market Grasp Plan, the fee constituted a Technical Committee on Commodities Buying and selling Ecosystem whose mandate was to determine challenges of the present framework and develop a roadmap for a vibrant ecosystem.
“A committee comprising varied stakeholders, together with the SON, was set as much as drive the implementation of the report. One of many suggestions within the report recognized the event of grading and standardisation system in step with worldwide greatest observe,” he mentioned.
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