Vibrant commodities exchange will aid economic development, says Nigeria  SEC chief

A more organised commodities exchange market in Nigeria would enhance efficiency and lead to economic growth and development, the head of  the Securities and Exchange Commission in Nigeria has said.

Mary Uduk, who is acting as the director general of the SEC stated this when she received members of the commodities trading ecosystem
implementation committee in her office in Abuja, weekend.

Uduk said the commodities market is an integral part of the economy whose potentials have not yet been fully harnessed for the country to
enjoy the benefits therein.

She further stated that there is a lot of benefits in promoting commodity exchanges and the ecosystem in general as they provide a
transparent pricing mechanism, promote attractiveness of agribusiness, foster financial inclusion and improve quality of agricultural output
and profitability as well as government revenue. It also enhances the wellbeing of the farming communities and help reduce rural – urban
drift.

The commodities trading ecosystem implementation committee has NEXIM, NIRSAL, CBN, NCX, FSS2020, CIS, FMDQ and AFEX as members that have been mandated to implement recommendations of the report of the technical committee on commodities trading ecosystem.

Daisy Ekineh who led the team, gave an update of the committee’s activities to the SEC team.

Ekineh commended the SEC on it’s efforts towards 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.