The SEC Director General, Mr Lamido Yuguda, had recently said that commodities exchanges will create jobs and facilitate economic development
, among other benefits, adding that such exchanges are critical to enabling investment diversification, risk management, price discovery and transactional efficiency.
Yuguda stated that Commodities Exchanges have the potential to efficiently link commodities to industries, thereby creating jobs, improving living standards, unlocking the economic potentials of farming communities, promoting rural development, enhancing the financial inclusion of smallholder farmers, and ultimately facilitating economic development, amongst other benefits.
According to the SEC DG, the Technical Committee on Commodities Trading Ecosystem had, in 2017, developed a roadmap for the actualisation of a vibrant commodities ecosystem. The Committee specifically identified the development of a grading and standardisation system that will align with international best practices as an important precursor to achieving vibrancy in the ecosystem.
“I am happy to report that the Ecosystem Roadmap Implementation Committee has been working tirelessly on the development of a grading and standardisation system,” he added.All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.
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