SEC to Implement Commodity Exchange System in Nigeria

• SEC to Implement Commodity Exchange System in Nigeria

The Securities and Exchange Commission on Thursday reiterated its commitment to implement the commodity ecosystem in the country.

The Head, Investment Education, SEC, Mr Francis Okafor, said this on the sidelines of the World Investors Week in Abuja.

He said the commission was focused on increasing the nation’s commodity exchange, adding that the commodity ecosystem was mainly about commodities and agricultural products.

Okafor said, “In the early days, we had groundnut pyramids, among others, but it is no longer in existence because they have died; this is what the ecosystem is trying to bring back.

“Beyond oil, agriculture is a subsector that can increase and bring the country to limelight; we have seen that agriculture is going down and that is where the commodity ecosystem comes in.

“We are hoping to establish and increase a commodity exchange that will be better than what we have today in stock exchanges.”

Okafor stated that a committee, which had already been set up, had submitted its report on the ecosystem, adding that implementation would begin soon.

He also said SEC was committed to ensuring that all Nigerians were financially included, noting that part of the ways in which the commission was ensuring this was by sensitising members of the public.

On the World Investors Week, he said it was annually celebrated by the international community under the International Securities and Exchange Commission.

“This programme is conducted all over the world; it is a programme that brings people, especially the grass roots together and they are sensitised on how to invest in the capital market.

“We are creating awareness and letting people know the importance and the need to invest in the capital market and the financial industry. Financial inclusion is for the excluded, we encourage the people to bring in their money, deposit in banks and invest it so that it will circulate and stimulate the economy,’’ Okafor said.