CBN to Collaborate With NSIA, AFC and Invest N50 Billion in Nigeria Commodity Exchange (NCX)

The Central Bank of Nigeria on Thursday said it will collaborate with the Nigeria Sovereign Investment Authority (NSIA) and Africa Finance Corporation (AFC) under the Infraco Structure to develop and strategically reposition the Nigeria Commodity Exchange (NCX).

The CBN disclosed this follows the inaugural meeting of the Steering Committee on repositioning the NCX.

Here are the highlights of the Inaugural Meeting of the Steering Committee

• Presidential approval stops the current plan to privatise the Nigeria Commodity Exchange (NCX).
• Central Bank of Nigeria (CBN) to collaborate with Nigeria Sovereign Investment Authority (NSIA) and Africa Finance Corporation (AFC), under the Infraco Structure to develop and implement a strategic repositioning plan for the NCX to make it world-class Commodity exchange.
• Formation of a Steering Committee chaired by the #CBN Gov. to include representatives from NSIA, AFC, Federal Ministries of Finance, Budget & National Planning; Industry, Trade & Investment; and Agriculture & Rural Development to oversee implementation plan.
• Revalidation of CBN’s 59.7% majority shareholding stake in NCX giving it the responsibility to reconstitute NCX’s Board, Board Committees and appoint Chairman.
• At least N50billion to be invested through InfraCo structure.
• CBN to engage Nigeria Postal Service on possible utilization of its assets to develop model warehouses across the federation.
• Steering Committee may co-opt any other Ministry, Department and Agency of government to ensure effective implementation of the Strategic Turnaround Plan.

Godwin Emefiele, the Governor of the Central Bank of Nigeria, said “It is against this backdrop that Mr President considered and approved a proposal, for the repositioning of NCX, in order to consolidate on the government’s efforts aimed at strengthening the agriculture value chain, part of which includes connecting farmers to markets beyond their immediate environments.”