The Securities and Exchange Commission (SEC) has stated it is working to ensure that the commodities market gets all the support required to grow and support the economy, its Director General, Lamido Yuguda, revealed in a statement on Monday.
Yuguda said that Nigeria currently has about six commodities exchanges and is doing more to bring them up to standard. He said, “We cannot say that we want to grow the agricultural part of our economy if we do not have a market to support it and that is what we are doing.
That market is growing in leaps and bounds, so that is another achievement. We are beginning to see some results of our efforts in that area. Before now, when we did not have this market, farmers were not able to get good price discovery for their products.Therefore, if you have a good commodities exchange, it helps price discovery and it helps credit to flow to the farmers.”
He further added that because there is good price discovery, people can now ascertain what they can get if they farm a particular produce within a particular period. According to him, this is the value chain that the commodities segment of the market is opening up to.
