Ondo Set To Establish State Commodities Exchange

Channels Television  
Updated October 22, 2013

Ondo State Government has decided to establish a commodities exchange which will help in strengthening the production, marketing and processing of the value chain of  cocoa in the state.

Briefing journalists at Cocoa Conference Hall of the Governor’s Office on the decisions taken at the last Executive Council meeting, the State Commissioner for Information, Mr Kayode Akinmade revealed that the commodities exchange will further help in transforming cocoa marketing in the State by ensuring that farmers get adequate rewards on the produce of their farms.

He added that the state ministries of Agriculture, Natural Resources, Community Development, Commerce & Industry and Justice in conjunction with Consultants are working on the modalities that will give life to the Akure/Ondo State Commodities exchange.

Also corroborating his assertion, the State Commissioner for Justice and Attorney General, Eyitayo Jegede (SAN) said the commodities exchange will provide a platform where all farmers, traders and end users of cocoa assemble under one roof to determine the price of cocoa.

On his part, the State Commissioner for Agriculture, Alhaji Lasisi Oluboyo informed that a lot of research is being done with officials sent to Malaysia to understudy the system.

He added that it is intended to improve the production of cocoa in the state this year far above the 65 million metric tonnes recorded last year.