SEC says commodities trading ecosystem a must

The Securities and Exchange Commission, SEC has said it is committed to the development of the Commodities Ecosystem in the county in order to contribute to economic development

The acting Director General of the SEC, Mary Uduk stated this in Abuja while speaking at the opening of a twoday capacity building programme on commodities trading ecosystem for staff of some federal ministries in Abuja.

She underscored the need for a vibrant commodities ecosystem to aid diversification from oil to non-oil sectors and boost the nation’s revenues and foreign exchange (Forex) earnings.

Represented by Head, Registration, Exchanges, Market Infrastructure and Innovation at the SEC, Mr. Emomotimi Agama, Uduk said the commission is collaborating with relevant stakeholders to implement the 10-year capital market master plan and make Nigeria one of the world’s most liquid and Africa’s largest economy by 2025.

She said “one of the crucial initiatives of the plan was to develop a thriving commodities trading ecosystem and fully utilise the nation’s potentials. We believe that if we can develop a vibrant commodities trading ecosystem in Nigeria, we can substantially address lack of storage, poor pricing, nonstandardisation and low contribution of foreign exchange affecting our commodities sub-sector”.

The acting DG stated that the role of commodity exchanges were critical to economic growth, especially in the areas of price transparency and value addition to farmers, ensuring quality products for buyers and providing investment opportunities across the value chain.