FG to reposition Commodities Market

Channels Television  
Updated July 9, 2012

The federal government has announced plans to launch a new framework to reposition the Commodities and Exchange Market.

The Minister of Trade and Investment, Mr. Olusegun Aganga who made the announcement in Jos, the Plateau state capital, said the Commodities and Exchange Market as currently constituted has not performed optimally compared with its contemporaries in the sub-region.

Noting that Commodities Market in countries like Ethiopia has been able to boost earnings of farmers from 38% to 68 %, the Trade Minister stated that Nigeria is still lagging behind in this respect.

The Minister noted that “arable land, vast natural and mineral resources are some of the nation’s endowment. But with the discovery of oil in 1956 in Oloibiri, Bayelsa state, not much attention has been paid to other sectors of the economy.”

“This is why the federal government is seeking ways to boost agriculture through the revival of the commodities and exchange market and to make its product more competitive in Nigeria and the international community” he explained further.

Air Vice Marshal Ishaya Shekarri (Rtd), who is a farmer, pinned lack of power and high import duties as daunting challenges to farmers in the country growing crops to meet the needs of the local and international market. Farmers have also called for government’s intervention to boost production towards meeting the local and international markets.

The Executive Director, Nigeria Export Promotion Council (NERC)-the agency charged with the mandate of export facilitation in the country, David Adulugba noted that the nation is blessed with resources that could be exported to other parts of the world if well harnessed.