SEC to develop vibrant commodities trading ecosystem to address pricing, lack of storage

The Securities and Exchange Commission (SEC) says the commission is committed toward ensuring that the commodities trading ecosystem in the country becomes vibrant to contribute to economic development.

A statement by Mrs Efe Ebelo, the Head Corporate Communications of the commission, said the Acting Director-General of the commission, Ms Mary Uduk made the commitment at a capacity building workshop on commodities trading ecosystem for staff of some federal ministries.

Uduk said that a vibrant commodities ecosystem would aid diversification from oil to non-oil sector.

She noted that it would also boost the nation’s revenues and foreign exchange (forex) earnings.

”One of the crucial initiatives of the plan was to develop a thriving commodities trading ecosystem and fully utilise the nation’s potential.

”We believe that if we can develop a vibrant commodities trading ecosystem in Nigeria, we can address lack of storage, poor pricing, non-standardisation and low contribution of foreign exchange affecting our commodities sub-sector,” she said.

Uduk said the commission was collaborating with relevant stakeholders to implement the 10-year capital market master plan and make Nigeria one of the world’s and Africa’s largest economy by 2025.

She explained that 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.

Uduk was represented by Mr Emomotimi Agama, the Head, Registration, Exchanges, Market Infrastructure and Innovation in the commission.