To encourage economic diversification and growth, the Securities and Exchange Commission has reaffirmed its commitment to innovation and collaboration to position Nigeria’s commodity exchanges as development engines.
SEC’s Director General, Emomotimi Agama, highlighted the Commission’s critical role in guaranteeing the sustainability of commodities markets during a stakeholder conference in Abuja.
“Our role in sustaining commodities exchanges in Nigeria cannot be overlooked because at the heart of these exchanges’ functionality is the SEC, whose regulatory oversight plays a pivotal role in ensuring their sustainability and credibility,” he stated.
Agama highlighted the significance of commodities exchanges in boosting Nigeria’s economy.
“Commodities exchanges in Nigeria facilitate the buying and selling of commodities in a structured and transparent environment.
“They offer standardised contracts to farmers, merchants, and investors, increasing market efficiency and minimising risks. These exchanges also help to reduce post-harvest losses, improve market access, and stabilise commodity prices,” he stated.
He went on to explain the SEC’s aim for building an enabling environment for commodity development, saying, “The SEC is methodical about creating a developmental strategy that would bring the commodities market into an enviable position. Over the years, one of the significant actions we have taken is the formation of the commodities ecosystem technical committee, which is an important component of the Capital Market Master Plan.”
As a country with abundant commodities, Agama urged stakeholders to capitalize on these resources.
“Nigeria is a commodity-based economy; every state of this country has commodities in commercial quantities.
“We are working to build that ecosystem to meet all the blocks within the value chain and achieve economic development, prosperity, and a level playing field for every practitioner in this space,” he said.
Looking ahead, the SEC intends to cooperate with the Federal Ministry of Trade and Investment to conduct the second International Commodities Conference later this year.
The Director General emphasised the SEC’s commitment to ensuring the integrity and appropriate operation of commodities exchanges. With innovation at its centre, the SEC continues to champion attempts to harness Nigeria’s tremendous commodity potential, thereby promoting economic growth, job creation, and poverty alleviation.
