The Ag. Director General of the Securities and Exchange Commission (SEC) Ms. Mary Uduk at the weekend said that a more organized Commodities Exchange Market in the country would enhance efficiency and fast-track the nation’s economic development.
The Acting Director General made this remark when she received members of the Commodities Trading Ecosystem Implementation Committee in her office in Abuja.
Uduk said the commodities market remained an integral part of the economy whose potentials have not yet be fully harnessed for the country to enjoy the benefits therein.
According to her, 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.
This is even as she maintained that doing so would enhance 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.
The leader of the team, Ms. Daisy Ekineh, gave an update on the Committee’s activities to the SEC team and commended the commission’s management on its efforts towards ensuring a vibrant commodities ecosystem in the country.
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.
