Commodities export’ll grow economy – SEC

The Securities and Exchange Commission (SEC) has said that Nigeria has various commodities that could be exported in a bid to grow the economy, provide jobs for Nigerians as well as provide the nation with foreign Exchange.

Director General of the SEC, Mr. Lamido Yuguda who stated this in Lagos while speaking to journalists said that the agricultural sector in the country is expected to grow significantly in the near future.

Yuguda said that in its desire to ensure that agricultural produce are of exportable standards and quality, the Commission is collaborating with the Standards Organisation of Nigeria to develop standards for commodities.

He stated that as a result of the collaboration with SON, some of the standards have been developed and being exposed to different markets close by and they have been received very well.

The Director General said that the development of these standards will pave the way for the export of these products to the international market and in turn boost the Nigerian economy.

He said the Commission is pleased about the new government’s mention of supporting the commodities sector as it will further boost the SEC’s efforts at developing the Commodities sector.

“Already, we have licensed a total of five exchanges, and also approved the trading and framework for operations of different instruments. We are collaborating with NAICOM, CBN, SON and the Fed Min of Solid Minerals and Mines in various ways to develop the sector ranging from capacity building, standard setting, domestic and international advocacy etc”.

According to him, “This is something in the right direction, it is a starting point and I believe that going further in the near future this could be something really significant.

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