Vice-President Yemi Osinbajo has observed that a vibrant commodities exchange market in Nigeria would boost the economy by creating jobs through the agricultural and mining industries.
He said this would lead to reduction in poverty and diversification of the economy.
Professor Osinbajo stated this at opening of a 2-day International Conference on the Nigerian Commodities Market (ICNCM 2020), with the theme: Commodities Trading Ecosystem: “Key to diversifying Nigeria’s economy” organized by the Securities and Exchange Commission (SEC), in Abuja on Monday.
The Vice President who was represented by the Minister of State, Industry, Trade and Investment, Ambassador Maryam Katagun, noted that the country was endowed with favourable atmospheric conditions for farming as well as abundant natural resources and teaming youthful population.
He pointed out that efficient use of these resources will benefit both the public and private sectors of the economy.
He said: “Our country is endowed with favourable atmospheric conditions for farming as well as abundant natural resources and teaming youthful population.
“Hence efficient use of these resources will benefit both the public and private sectors of our economy.
“With a vibrant commodities markets jobs will be created. Poverty will be reduced micro economic situation of the country will improve.
“Definitely every responsible government is interested in seeing these improvements and this is at the heart of our administration’s policies and projects implementation
“In realisation of these objectives, the Federal Government has put many initiatives in place to develop the agriculture and solid mineral sectors”, he stated.
Earlier the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, in remarks noted that the theme of the conference has always been relevant in Nigeria’s national discourse as several national plans, programmes and projects have targeted diversifying the production and revenue sectors of the economy.
She explained that while achievements have been made in these areas, there are needs to do more ensure that the country’s production and export base more robust and less vulnerable to external shocks as well as provide more opportunities for the growing population.
She noted that the recent outbreak of Coronavirus has further strengthen the Federal Government’s resolve to diversifying the economy hence the theme of the conference was apt and timely.
Also speaking, Acting Director General of the SEC, Ms. Mary Uduk in her welcome address said one of the key initiatives of the 10 year Capital Market Master Plan is the development of a thriving commodities trading ecosystem as part of the capital market’s contribution to the national economy.
She said while it was clear that Nigeria was well endowed with agricultural, metals and energy commodities, potentials in these areas were unrealised.
“The good news however, is that the capital market can be used as an avenue to unlock these potentials and diversify the nation’s economy, while providing jobs, creating values and contributing to governments’ revenue.
“We believe that if we can develop and institutionalise a vibrant commodities trading ecosystem in Nigeria, we can substantially address problems such as lack of storage, poor pricing, non-standardization, as well as low foreign exchange earnings affecting our agriculture and other commodities sub-sectors”.
Senator, Ibikunle Amosun, Chairman Senate Committee on Capital Market, while commending SEC for organizing the programme noted that the conference will provide a platform for stakeholders to rub minds and cross fertilize ideas for the purpose of diversifying Nigeria’s economy.
