As Nigeria continues to diversify its economy, the Securities and Exchange Commission (SEC) has said it is committed to promoting innovation and fostering collaboration to position commodity exchanges as vital drivers of economic growth, job creation, poverty alleviation and drivers of national development.
The Director General of the SEC, Dr Emomotimi Agama, who spoke at a meeting with stakeholders in Abuja, said the Commission would continue to adapt and innovate in key areas such as capacity building, infrastructure development and partnership with interested parties. improve and sustain commodity markets in Nigeria.
Agama therefore assured that the Commission would continue to implement innovative measures to ensure the sustainability of commodity exchanges in Nigeria.
According to the Director General of the SEC, “our role in sustaining commodity exchanges in Nigeria cannot be overlooked because at the center of the functionality of these exchanges is the SEC, whose regulatory oversight plays a critical role in guarantee its sustainability and credibility.
“Commodity exchanges in Nigeria facilitate the buying and selling of commodities in a structured and transparent environment. They provide farmers, traders and investors with standardized contracts, enabling market efficiency and mitigating risks. “These exchanges also play a vital role in addressing post-harvest losses, improving market access and stabilizing commodity prices.”
Dr. Agama revealed that the vision of the SEC is to provide an enabling environment, protect investors and create a development strategy that will take the commodities market to an enviable state.
“Over the years, the SEC has been deliberate about this and one of the things it did about 10 years ago was to establish the commodities ecosystem technical committee, which is an outcome of the Capital Market Master Plan.
“Nigeria is a commodity space; Every state in this country has commodities in commercial quantities, so we are working to build that ecosystem in such a way that we can fulfill all the blocks within the value chain to achieve economic development, prosperity and a level playing field. for everyone. practitioner in this space,” he stated.
Agama stated that Nigeria is a commodity-based economy, therefore, stakeholders must take advantage of the opportunities available, adding that the SEC, as the regulator of the commodity space, will collaborate with the Federal Ministry of Trade and Investment to organize the second International Commodities Conference later this year. .
However, he emphasized that for these benefits to be realized, the SEC Nigeria must remain committed to ensuring the integrity and proper functioning of the exchanges.
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