Nigeria’s Vice President, Professor Yemi Osinbajo has urged stakeholders to work towards strengthening the commodities market in order to improve micro-economic conditions.
Osinbajo, who spoke at the beginning of a two-day International Conference on the Nigerian Commodities Market (ICNCM 2020) held in Abuja, the nation’s capital, stated that seeing improvements in the economy was at the heart of President Buhari administration‘s policies and projects implementation.
The event which was organized by the Securities and Exchange Commission (SEC), had as its theme: Commodities Trading Ecosystem: “Key to diversifying Nigeria’s economy”.
The Vice President who was represented at the occasion by the Minister of State, Industry, Trade and Investment, Mrs Maryam Katagun, stated that Nigeria is endowed with favourable atmospheric conditions for farming as well as abundant natural resources and teaming youthful population.
According to him, efficient use of these resources will benefit both the public and private sectors of the economy.
“With a vibrant commodities markets, jobs will be created. Poverty will be reduced and the micro economic situation of the country will improve.
“In realisation of these objectives, the federal government has put many initiatives in place to develop the agriculture and solid mineral sectors,” he explained.
The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, noted that the theme of the conference has always been relevant in Nigeria’s national discourse as several national plans, programmes and projects have targeted diversifying the production and revenue sectors of the economy.
According to the Minister, while achievements have been made in these areas, there are needs to do more to ensure that the country’s production and export base be more robust and less vulnerable to external shocks as well as provide more opportunities for the growing population.
She also noted that the recent outbreak of Coronavirus has further strengthen the Federal Government’s resolve to diversifying the economy, hence the theme of the conference was apt and timely.
The Acting Director General of the SEC, Ms. Mary Uduk said one of the key initiatives of the 10 year Capital Market Master Plan is the development of a thriving commodities trading ecosystem as part of the capital market’s contribution to the national economy.
According to her, while it is clear that Nigeria is well endowed with agricultural, metals and energy commodities, potentials in these areas are unrealised.
“The good news however, is that the capital market can be used as an avenue to unlock these potentials and diversify the nation’s economy, while providing jobs, creating values and contributing to governments’ revenue.
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