23 May 2019

Nigeria: 'Lawmakers Will Support Stronger Commodities Exchange'

Abuja — The National Assembly has assured the Nigerian Commodities Exchange (NCX), of its desire to formulate quality legislation that will give more impetus to its activities to foster more economic growth and development for the nation.

The resolution was reached Wednesday in Abuja, by the House of Representatives' Committee on Capital Market and Institutions, at a two-day capacity building on the workings and activities of the Nigeria Commodities Exchange.

The Committee Chairman, Hon. Tajudeen Yusuf, said the training was apt, as it will enable lawmakers make informed budgetary decisions about the exchange especially at this time that Nigeria places more emphasis on diversification of the economy.

"As you know, your agency needs more money and legislative backing to excel in your endeavour. With these quality presentations and insight into what the exchange is doing, you will definitely get our support for the overall benefit of the country.

Without enough money through budgetary provision, the silos will not serve the purpose it is meant for," Yusuf added.

Some other committee members who participated in the two day programme, while acknowledging the importance of the NCX to the diversification agenda of the President Muhammadu Buhari's administration, agreed to ensure that the 9th assembly, as a matter of urgent national importance, formulate bills to enhance the status of the exchange.

The Managing Director, Nigeria Commodities Exchange, Zaheera Baba-Adi, who was represented by the General Manager, Operations, Benson Lawal, assured the lawmakers of the exchange's readiness to work with the National Assembly towards changing the face of the commodities market operation in the country.

"We, as NCX will do all what we could to win the support of the National Assembly for improved budgetary allocation and quality legislations to aid our work as it is obtainable in other parts of the world."

"The essence of this capacity building is to expose the lawmakers to the key roles NCX is playing in moving Nigeria away from its long dependence on (oil) monolithic economy to a non oil economy by supporting Mr. President's economic diversification agenda through exchange," he said.

The two-day capacity building programme came to a close with great assurances from both parties for a smooth and cordial relationship to drive the nation's economy forward.


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