AFEX, SEC, SON join forces on commodity standards sensitisation
opment of critical sectors because it offers a credible platform for trading and facilitating the export of commodities.
“To achieve this, our commodities must conform with internationally accepted standards,” he added.
Gawuna also disclosed that Kano State is seeking to enhance agricultural productivity of small and medium-scale farmers as well as improve value addition along three priority value chains of rice, wheat and tomato, through the AgroProcessing, Productivity Enhancement and Livelihood Improvement Support Project (APPEALS).
Ayodeji Balogun, AFEX’s CEO, said the country’s first private-sector commodities exchange is building a trust economy in which stakeholders receive exactly what they pay for.
Balogun emphasised that having such a market enables liquidity, pricing transparency, more contracts, and marginalised services to processors and investors, noting that future price stabilisation will be achieved if taken into cognisance and implemented.
Balogun further asserted that AFEX is committed to attaining food security for the country, arguing that if standards are established in the commodities space, there would be more financial input for smallholder farmers by financial institutions, and commodities may be exported for muchneeded foreign currency to enable the economy to thrive.
On his part, Lamido Yuguda, SEC director general, said it is globally recognised that a unique feature of a commodities exchange is the standardisation of the commodities traded on its platform. He noted that the establishment of relevant standards would be transformational for the Nigerian commodities trading ecosystem.