Commodity exchange to aid trading in agricultural produce

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Minister of Industry, Trade and Investment, Dr. Okechukwu Enelamah

The Minister of Industry, Trade & Investment, Dr. Okechukwu Enelamah, has said that the proposed strategic investment in the Nigeria Commodity Exchange (NCX) by the Nigeria Sovereign Investment Authority (NSIA) is aimed at revitalizing the operations of the Exchange to make it more responsive to its mandate of serving as a platform for trading agricultural produce and other commodities.

He said it is also to facilitate trades in financial derivatives, contributing meaningfully towards the development of agricultural production through regulation of robust and standard warehousing facilities; including silos and enhancing liquidity in the sector through the Warehouse Receipt System (WRS).

Inaugurating the National Council on Privatisation (NCP) Steering Committee on the revitalization of the NCX and the Project Delivery Team on the strategic equity investment by the NSIA in the NCX, the Minister who is also the Chairman of the Steering Committee, stated that it was to further serve as a catalyst for promoting non-oil exports through grades and standards that conform to international best practices.

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