Vibrant agricultural sector to boost commodities market
Rising from the strategic workshop organised by AFEX Commodities Exchange Limited on the way forward for the commodity market in Nigeria, stakeholders concluded that more participation in the agricultural sector is key in achieving the goal.
For participants at the Abuja seminar, supported INTL FCStone, Federal Ministries of Agriculture and Trade and Investment, focus on diversification of the economy through agriculture is worthy of pursuit.
At the occasion, Director General, Securities and Exchange Commission (SEC), Mr. Mounir Gwarzo, whose Commission is a collaborator in the talk shop said, “the seminar is timely considering Federal Government policy shift towards economic diversification and the need to deepen capacity.”
He said commodity exchange is very critical to Nigeria’s socio-economic transformation noting that it is becoming clear that commodity exchange play crucial role in actualising the lofty objectives if the Federal Government.
Gwarzo added that while Nigeria ranks number one in some major crops and also appear as top exporter in other commodities such as cocoa, rubber, cashew nuts and sesame seed, government policy in agriculture could only be truly realised “if we have an active and vibrant commodity exchange.”
The DG said the Capital Market has a 10-year master plan to make Nigeria a competitive market and develop a thriving commodity system. He commended AFEX for taking active steps for market development which, according him are already yielding results, as it has trained over 30,000 farmers on ways to forestall post harvest loses and linking 15 warehouse farmers to electronic system.
AFEX country manager, Mr Ayodeji Balogun said the commodities market is a $300-$500 million market generating about 30 metric tons of commodity and Nigerian farmers must be encouraged to play active role in the capital market.
There was dissatisfaction that Ethiopia and South Africa are ahead of Nigeria in commodity market, whereas the nation’s agricultural resources and potential are quite enormous