Monday, March 11, 2013

Abuja Exchange: FG sets one-year transformation target

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 Federal Ministry of Trade and Investment’s Nigerian Industrial Revolution Plan.

Accordingly, it has set a one-year transformation target, saying that process will be completed in the next 12 months.

The Managing Director, ASCE, Mr. Yusuf Abdurrahim, stated this during a stakeholders’ sensitisation workshop on the revitalisation of the Exchange in Abuja.

 He said a new bill for the establishment of the Nigerian Independent Ware House Regulatory Agency would soon be sent to the National Assembly, in furtherance of the transformation.

Abdurrahim noted that the Minister of Trade and Investment, Mr. Olusegun Aganga, had already initiated reforms aimed at making the Exchange a world class institution, in line with the Transformation Agenda of President Goodluck  Jonathan’s  administration.

He said, “The programme we have just concluded is another round of sensitisation where we brought together stakeholders in the Commodity Exchange Project to continue to discuss the various building blocks of a functional Commodity Exchange. This includes a Ware House Receipt Bill, which we discussed extensively during the sensitisation workshop. We have drawn experiences from our local practice and that of Ethiopia. Probably, this might be the last discussion on the Ware House Receipt Bill before it goes to the National Assembly.

“The Commodity Exchange is a very important infrastructure for agricultural transformation, as well as looking into a transparent market for solid minerals and energy sectors. Already, the Minister of Trade and Investment, Mr. Olusegun Aganga, has initiated some reforms and he is working hard to make the Abuja Securities and Commodity Exchange as viable, vibrant, and effective as possible so that it can serve the needs of the Nigerian economy very efficiently.”

Speaking at the event, the Permanent Secretary, Federal Ministry of Trade and Investment, Mr. Dauda Kigbu, said 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.

He said, “The Ware House Receipt System is a basic infrastructure that will improve the operations of the Abuja Securities and Commodity Exchange. A WHR system enables farmers to use their stored commodities to secure credit from banks and other financial institutions. Storing their commodities in standard warehouses will enable them to avoid post-harvest losses and defer sales till the price of their commodities appreciates.”

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