Export would boost Nigeria’s economy, according to the SEC

An official stated, “We have already licensed a total of five (5) exchanges and authorized the trading and framework for operations of various instruments.
According to the Securities and Exchange Commission, Nigeria possesses a variety of goods that may be exported in an effort to boost the economy of the country, create jobs, and bring in foreign currency.

This was stated in a statement released by the commission on Tuesday.

Lamido Yuguda, the SEC’s director general, allegedly said this while giving a speech in Lagos over the weekend.

According to Mr. Yuguda, the agriculture industry in the nation is anticipated to have rapid growth in the near future.

He further stated that the commission is working with the Standards Organization of Nigeria (SON) to create standards for commodities in order to guarantee that agricultural product meets exportable norms and quality.

He claimed that some of the standards had been created and presented to other nearby marketplaces as a consequence of the work with SON, and they had been warmly welcomed.

According to the SEC DG, the creation of these standards would open the door for the export of these goods to the global market, which will strengthen the Nigerian economy.

According to him, the commission is happy that the incoming administration has mentioned helping the commodities industry since it would help the SEC’s efforts to grow it.

“As of now, we have authorized the trading and framework for operations of various instruments for a total of five (5) exchanges.

To promote the sector, we are working in many ways with the Federal Ministry of Solid Minerals and Mines of Nigeria, the Central Bank of Nigeria (CBN), the National Insurance Commission of Nigeria (NAICOM), and SON.
He listed several examples, including “capacity building, standard setting, domestic and international advocacy.”
“Nigeria has a lot of promise in this sector. We are a very productive agricultural nation with many resources, but now most of them are sold in local markets with no type of quality control, which leads to a lot of our agricultural products being rejected on the global market.

He mentioned the commission’s tireless efforts to support participants in the sectors of agricultural and mineral commodities.
“Nigeria has a lot of promise in this sector. We are a very productive agricultural nation with many resources, but now most of them are sold in local markets with no type of quality control, which leads to a lot of our agricultural products being rejected on the global market.

“As you can see, less developed nations are able to export their agricultural goods, particularly their fruits. Although we produce some of the greatest fruits in the world, Mr. Yuguda remarked that due to standardization problems, we are unable to compete in this market.

According to the head of the SEC, the agency anticipates that the agriculture industry will experience rapid growth in the near future.
Since there are many opportunities in that industry, we are also working with the Ministry of Solid Minerals. However, there is a lot of artisanal mining at the moment, so there has to be cooperation between State governments and the Ministry of Mines in order to create some sort of standardization, ensure that those mining are granted government licenses, and ensure that this mining is taking place in a sustainable manner, he added.

He continued by saying that the commission established a technical committee on the commodities trading ecosystem as part of its execution of the capital market master plan, with the goal of identifying problems with the current framework and creating a road map for a thriving ecosystem.
“A committee made up of numerous stakeholders, including the SON, was formed to oversee the report’s implementation. The creation of grading and standardization systems in line with worldwide best practice was included as one of the report’s suggestions, he added.

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