SEC tasks SON on standards for commodity products
THE Securities and Exchange Commission ( SEC) has urged the Standards Organisation of Nigeria ( SON) to facilitate speedy approval and publication of standards relevant to the commodity trading ecosystem.
The Director- General of the SEC, Lamido Yuguda, stated this, during a meeting with the management of the organisation in Abuja yesterday.
According to him, the commission constituted a technical committee on commodity trading as part of its implementation of the 10- year master plan, with a mandate to identify challenges facing the framework and develop a roadmap for a vibrant ecosystem.
He said: “A committee of various stakeholders including the SON was set up to drive the implementation of the report. One of the recommendations in the report identified the development of a grading and standardisation system in line with international best practices. “However, the determination of these grades and standards is dependent upon approved local standards which should take into cognisance internationally accepted standards. Imbibing international standards for export commodities cannot be compromised if the exchanges have to play a pivotal role in export promotion”.
The SEC boss said in recognition of the fact that the statutory responsibility of standard- setting in Nigeria lies with the SON, the commission on behalf of all stakeholders seek to partner with the organization with a view to ensuring the expedited approval and publication of standards for commodities in the ecosystem. He expressed optimism that the establishment of relevant standards would transform Nigerian commodity trading and the entire ecosystem.
The SEC DG added that the commission is committed to mobilizing relevant stakeholders in the commodities trading segment to provide the support needed by the organisation to achieve the approval and publication of the commodities standards.
The DG of SON, Mallam Farouk Salim said the SON is excited to collaborate with the SEC as it seeks to develop the nation’s capital market and the Nigerian economy. Salim assured that the SON is willing to work with the SEC to ensure that the country is able to export commodities of high standards and attract much- needed foreign exchange.
He said, “We are committed to helping our people especially the farmers and support them to attain food sufficiency. If there is standardisation, the banks will be willing to finance the farmers and the commodities can be exported for the much- needed foreign exchange to boost our economy.