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Kano to Get N4.5 Agro Commodity Exchange

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Zambian economy
  • Kano to Get N4.5 Agro Commodity Exchange

A N4.5 billion Gezawa Commodity Exchange is to be established in Kano. A private sector driven initiative, the project is to be completed in two years.

Conducting reporters round the site, the Project Consultant, Gezawa Commodity Market and Exchange Limited, Mr. Binfa Binchang said it was conceived in collaboration with some investors to provide a cost-effective platform for local farmers, buyers and sellers of agro commodities to transact business in a seamless manner using technology.

He said: “It will comprise an online trading platform, market information system for data dissemination, efficient clearing and settlement system, warehousing facilities, electronic warehouse receipt system, a grading and standardisation system, network of farmers cooperatives, aggregators, a legal and regulatory framework that guides transactions on the exchange.”

“Nigeria is blessed with arable land; and agriculture is the primary means of livelihood for millions of households, especially in the rural communities, hence, we believe that developing the agro commodity sector through the establishment of this commodity exchange is essential for poverty alleviation and overall economic development of the country.”

Binchang added: “Our ultimate goal is to unlock the vast potential of agricultural value chains through partnerships and synergy with like-minded enterprises, organisations and institutions throughout the world to mutually create wealth, generate local employment and contribute significantly to economic growth of Nigeria and the Gross Domestic Product(GDP).

“This will further contribute to the foreign exchange earning capacity of Nigeria where over 5000 Nigerians will be employed as well as increasing the internally generated revenue of Kano state and tremendously benefit its local farmers as well as increase their earnings.”

The Chairman of All Farmers Association of Nigeria (AFAN), Kano chapter, Alhaji Farouk Rabi’u Mudi, said the exchange would be a relief to Kano farmers who before now sold their farm produce at give-away prices.

According to him, “this is a welcome development because we have seriously been having problems with the local buyers that come to our farms to buy during harvest. This is so because they always come to buy at give-away prices, especially the Indians and the Chinese.

“During the harvest, you find out that when a farmer sells at such price, he sells and get just the money that he invested. No profit. But this kind of structure that is put in place will help us a great deal because a farmer will now reap the fruit of his labour.”

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.