-by our correspondent.
The Securities and Exchange Commission, (SEC) has called for closer relationship with the Standards Organisation of Nigeria (SON) to facilitate speedy approval and publication of standards relevant to the commodities trading ecosystem.
The Director General of the SEC, Lamido Yuguda, made the call in Abuja at a forum with the management of SON. He said the Commission has constituted a Technical Committee on Commodities Trading Ecosystem, as part of its implementation of the 10-year Capital Market Master Plan, whose mandate is to identify challenges of the existing framework and develop a Roadmap for a vibrant ecosystem.
In his words, “A committee comprising of various stakeholders including the SON was set up to drive the implementation of the report. One of the recommendations in the report identified development of grading and standardisation system in line with international best practise”.
“However, the determination of these grades and standards is dependent upon approved local standards which should take into cognisance internationally accepted standards, imbibing international standards for export commodities cannot be compromised if the exchanges have to play a pivotal role in export promotion”. Yuguda added.
Director General, SEC, Lamido Yuguda
The SEC Boss said in recognition of the fact that the statutory responsibility of standard setting in Nigeria lies with the SON, the Commission on behalf of all stakeholders seeks to partner with the agency. This he said is with a view to ensuring the expedited approval and publication of standards for commodities in the ecosystem; expressing the conviction that the establishment of relevant standards would be transformational for the Nigerian Commodities Trading Ecosystem.
The SEC DG said the Commission is committed to mobilizing relevant stakeholders in the Commodities Trading Ecosystem to provide the support needed by the SON to achieve the approval and publication of the commodities standards, adding standard setting is a project of national importance and the SEC along with other stakeholders will work with the SON in the achievement of this objective and by extension national food security and self-sufficiency.
For his part, the DG of SON, Farouk Salim, said his organisation is excited to collaborate with the SEC as it seeks to develop the capital market in Nigeria and the Nigerian economy at large. He restated SON’s willingness to work with the SEC to ensure that the country is able to export commodities of high standards and attract the much needed foreign exchange.
In his words, “We are committed to helping our people especially the farmers and support them to attain food sufficiency, if there is standardisation, the banks will be willing to finance the farmers and the commodities can be exported for the much needed foreign exchange to boost our economy.
He solicited for the support of the business community, farmers, IT specialists as well as the media to pull resources together and make a difference in the Commodities Trading Ecosystem.