2 November 2009

Nigeria: Commodity Exchange to Establish Information Systems in 36 States

Lagos — In a bid to ensure global best practices and achieve competitiveness, the Abuja Securities and Commodity Exchange (ASCE) have concluded plans to set up a market information system for 12 commodity markets in the country.

ASCE Managing Director, Mr. Yusuf Abdurrahim also assured that within few weeks' time, the market information systems for the 12 major markets will be replicated in the 36 states of the Federation.

He made these disclosures at the inauguration of the new executives of the Commodities Brokers Association of Nigeria (CBAN).

He explained that this would enable people get information about commodities prices and enhances production of agricultural produce nationwide.

Abdurrahim commended the federal government's commitment to diversify the economy from oil through the development of the non-oil sector, particularly agriculture.

According to him, "We need agricultural revolution for our industrial growth. Industrialisation is not an alternative to the development of agriculture; rather, the development of agriculture is the essential pre-condition to economic growth.

"Enormous challenges are being faced in the agricultural sector in this country but by working together in every possible way, our objective of increasing and diversifying our economic resource base is the only sufficient condition for a strong economy.

"Given this framework, we expect the majority of Nigerians who are farmers to be able to get sufficient information about agricultural produce and their market values. We will ensure that within the next few months, the 12 major markets get information system where prices of agricultural commodities can be obtained."

The Managing Director explained that with the inauguration of CBAN, it will facilitate the ASCE to operate a stable, virile commodity Exchange and have an interaction with the CBAN members which constitutes its major stakeholders.

"We have now achieved the development of human capital by establishing CBAN with about 300 trained professionals and we will nurture it. These are the crop of professionals that will drive commodity exchange operations in Nigeria".

In his response, the CBAN new President, Alhaji Aminu Dangana assured that he would ensure that the association increase from its current membership of 300 to about 2000 in next two years.

Dangana assured that despite the enormous challenges faced in the agricultural sector, he would contribute towards achieving the vision of the management which is targeted at growing the commodity market just like the capital market.

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