Business

Vibrant Commodities Exchange will aid Economic development – SEC  

299

 

The Securities and Exchange Commission, SEC has said that a more organized Commodities Exchange Market in the country would enhance  efficiency and lead to economic growth and development.

The Ag. Director General of the SEC Ms. Mary Uduk started this when she received members of the Commodities Trading Ecosystem Implementation Committee in her office in Abuja, weekend.

Uduk said the Commodities market is an integral part of the economy whose potentials have not yet be fully harnessed for the country to enjoy the benefits therein.

She further stated that 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. It also enhances 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.

Ms. Daisy Ekineh who led the team, gave an update of the Committee’s activities to the SEC team.

Ekineh commended the SEC on it’s efforts towards ensuring a vibrant Commodities Ecosystem in Nigeria.

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.

Leave a comment

Related Articles

Tinubu Pledges to Support Fintech Companies, Hails Flutterwave’s Contribution to Digital Economy

In a significant boost to Nigeria’s financial technology (fintech) sector, President Bola...

Naira Appreciates to N1,514/$1 at Parallel Market, Gains N11 in One Day

The Nigerian naira continued its strong performance, appreciating by N11 or 0.72%...

Nigeria’s Inflation Rate Drops to 24.48% in January 2025

Nigeria’s National Bureau of Statistics (NBS) has reported a significant drop in...

CBN Gov. Cardoso Reaffirms Commitment to Digitalization, Financial Inclusion

The Governor of the Central Bank of Nigeria (CBN), Dr. Olayemi Cardoso,...

FBN Holdings Transitions to First HoldCo Plc, Unveils New Identity

FBN Holdings Plc has officially announced its transition to First HoldCo Plc,...

Nigeria Partners Google to Harness AI for Digital Economic Growth

Nigeria is exploring a strategic partnership with Google to advance artificial intelligence...

Nigeria Sees Significant Growth in Non-Oil Exports, Reaching $5.45 Billion in 2024

Nigeria’s non-oil exports have seen a significant boost, reaching $5.45 billion in...

Naira Firms Up at N1,520/$ on Parallel Market Amidst Strengthening Fundamentals

The Nigerian naira has reached its strongest level in the unofficial market...

Nigeria’s business sector sees uptick in January, indicating economic recovery

Nigerian businesses kicked off in the new year on a positive note,...

CBN Reschedules Monetary Policy Committee Meeting for February 18-19

The Central Bank of Nigeria (CBN) has announced a new date for...

Nigeria’s Average Income Plummets to $835.49, Exacerbating Cost-of-Living Crisis – IMF

Nigeria’s economic problems have deepened, with the average income per person dropping...

Nigeria’s Treasury Bills Auction Sees Strong Demand for 364-Day Tenor

The Central Bank of Nigeria (CBN) has released the results of its...

Naira Strengthens to 8-Month High, Gains N20.67 Against Dollar

The Nigerian naira continued its stability on Monday, fueled by reduced demand...

CBN Extends Deadline for BDCs to Access Forex Market Until May 30

The Central Bank of Nigeria (CBN) has granted eligible Bureau de Change...

Nigeria’s Electronic Payment Transactions Hit Unprecedented N1.07 Quadrillion in 2024

Nigeria’s electronic payment transactions have reached an all-time high, hitting N1.07 quadrillion...

Just in: Nigerian Telecom Users to Pay More as NCC Approves 50% Tariff Hike

The Nigerian Communications Commission (NCC) has granted telecom operators’ request to adjust...

Nigeria’s inflation rate rises to 34.80% in December 2024 up from 33.60%

Nigeria’s inflation rate rose to 34.80 percent in December 2024, up from...

Transactions with GHL: FirstBank dispels misleading reports, reaffirms commitment to excellent, standard banking services

First Bank of Nigeria Limited (FirstBank) has distanced itself from a recent...

Nigeria’s Economy Soars as Customs Records N196.94trn Trade Value in 2024

The Nigeria Customs Service (NCS) has achieved a remarkable milestone, recording a...