Export of goods to boost economy -SEC

The Securities and Exchange Commission (SEC) said Nigeria has various commodities that can be exported to grow the economy, provide jobs for Nigerians and generate foreign exchange.

Speaking to newsmen in Lagos, the Director General of SEC, Mr. Lamido Yuguda noted that the agricultural sector can expect significant growth in the future.

Yukuda disclosed that the commission is collaborating with the Standards Organization of Nigeria (SON) to develop standards for commodities in the desire to ensure that agricultural products are of exportable quality and quality.

He revealed that as a result of the collaboration with SON, some standards have been developed and exposed to various nearby markets, which have been well received.

The DG noted that the development of these standards would pave the way for the export of these products to the international market and boost the Nigerian economy.

He asserted that the commission is happy about the new government’s indication of support for the commodities sector as it will further enhance SEC’s efforts in developing the commodities sector.

He noted, “Already, we have licensed a total of five commodity exchanges and have also approved trading and frameworks for the operations of various instruments.

“This is a sector where the Commission is working hard to promote both agricultural products and mineral products. This is a market with a lot of potential for Nigeria. We are a great agricultural country, we have a lot of resources, currently most of them are sold in local markets without any form of quality, due to which our agricultural produce is rejected in the international market.

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“You see small countries exporting their agricultural products especially fruits. Our fruits are the best in the world, but unfortunately, we do not participate in this market due to standardization issues.

As part of the implementation of the capital market master plan, the commission set up a technical committee on commodities trading ecosystem whose mandate is to identify challenges of the existing framework and develop a road map for a vibrant ecosystem, Yuguda said.

„A committee consisting of various stakeholders, including son, was constituted to implement the report. One of the recommendations of the report identified the development of a benchmarking and benchmarking system in line with international best practice,” he said.

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