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

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  • emmanuel kalu

    This is a very good step in growing our agricultural sector. we need commodity market to help farmer find buyers for their product. To also ensure that industries can find and purchase the raw material they need.

  • Dr Anason Ahmed Okafor

    I produce 100% Liquid Organic Manure with cow waste, it give back life to 98% confirmed about to die plants and tress or flower. It give 50%-100% extra yield. Flowering plants before fruits yields bears more fruits than before as the Manure gives the plants immediate nutrients to with stand production heat during flowering. It reduce watering by 45%. With this Manure fruits and tubbers becomes bigger. Its good for plants and trees bearing fruits. 1 Liter converts 1000 Liters of Liquid Organic Manure at reduce price than other manure with more efficacy. If applied on Cucumber u sure of 6 times harvesting, on pepper it will be all round harvesting. On every crops extra yield is guaranteed. On pawpaw its all year round non stop making it sweeter and bigger.