CBN commits N50bn to reposition Nigeria’s commodity exchange, says Emefiele

The Central Bank of Nigeria (CBN) says it is committing N50 billion to reposition the Nigeria Commodity Exchange (NCX), CBN Governor, Mr Godwin Emefiele, has said.

Emefiele, who disclosed this, on Thursday, at an inaugural meeting of the Steering Committee for the repositioning of the NCX, added that the apex bank would also revalidate its 59.7 per cent majority shareholding in the Exchange, to enable it implement far reaching measures, including the reconstitution of its Board and Committees.

“This meeting is aimed at putting in place the enabling structure and framework that would lead to repositioning of the NCX into a commercially viable platform in Nigeria, for delivering efficient pricing of Nigeria’s Agricultural produce.

“The key objective is to brief stakeholders on Mr President’s recent approval of a proposal to reposition the NCX and discuss the modalities for repositioning the institution,’’ he said.

He reiterated that the Federal Government, through the CBN, had implemented several intervention schemes in the agriculture and manufacturing sectors.

“The schemes are aimed at boosting employment generation and wealth creation, reducing our dependence on imported food items, conserving our foreign exchange earnings and spurring economic growth.

“These interventions in the agricultural sector, particularly the Anchor Borrowers’ Programme and Commodity Development Initiative, sought to strengthen key agricultural commodities’ value chains.

“They will also enable improved productivity in the agricultural sector and increase sourcing of inputs locally by stakeholders, in the manufacturing sector,’’ he said.