SEC Restates Commitment to Developing Commodities Ecosystem

The Securities and Exchange Commission, SEC has restated its commitment in ensuring that the commodities ecosystem in the country becomes vibrant so as to contribute to economic development.

Acting Director General of the SEC, Mary Uduk, stated this at the opening of a two-day capacity building programme on commodities trading ecosystem for staff of some federal ministries in Abuja.

Uduk, who was represented by Head, Registration, Exchanges, Market Infrastructure and Innovation, SEC, Mr. Emomotimi Agama, said a vibrant commodities ecosystem will aid diversification from oil to non-oil sectors and boost the nation’s revenues and foreign exchange (forex) earnings. According to her, 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.

“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, non-standardisation and foreign low exchange contribution affecting of our commodities sub-sector,” she said. Uduk said Nigeria was still challenged in the area of transiting from an informal commodity trading system to one consummated on the platforms of commodity exchanges.

She said if the country paid adequate attention to agriculture, it would boost food security, enhance job creation and facilitate production of raw materials for agro-processing, pointing out that the capital market must operate at optimum level, even as the implementation of its 10-year master plan remains a priority.