The federal government has commenced the process of transforming the Abuja Securities and Commodity Exchange into a first-class commodity exchange as part of the Ministry of Trade and Investment’s plan for the nation’s industrial revolution.

The transformation is expected to be completed in the next 12 months and it will entail the use of ware house receipt system to help farmers.

During a sensitization workshop in Abuja on Thursday, the Permanent Secretary in the Ministry of Trade and investment, Mr, Dauda Kigbu revealed that the Ministry has already initiated reforms aimed at making the Abuja Securities and Commodity Exchange a world class institution.

This he claimed is in line with the transformation agenda of President Goodluck Jonathan’s administration.

Mr. Kigbu added that the development of the ware house receipt system would boost the operations of the Abuja Securities and Commodity Exchange and also help farmers overcome the problem of post-harvest loss.

A ware house receipt system enables farmers to use their stored commodities to secure credit from banks and other financial institutions.