The Securities and Exchange Commission (SEC) has asked for the cooperation of the Standards Organisation of Nigeria (SON) to ensure speedy approval and publication of standards relevant to the commodities trading ecosystem
The Director General of the SEC, Mr Lamido Yuguda, made the call during a recent working visit to the management of SON in Abuja.
Yuguda said the commission, as part of its implementation of the 10-year Capital Market Master Plan, constituted a Technical Committee on commodities Trading Ecosystem whose mandate was to identify challenges of the existing framework and develop a road map for a vibrant ecosystem.
According to him, the prompt establishment of relevant standards would be transformational for the Nigerian commodities trading ecosystem.
Yuguda said, “Standards provide consumers with an assurance of fitness of purpose, processors with commodities specifications, and serves as reference point against which features of commodities can be compared.
Other benefits include increase in value to smallholder farmers due to premium paid on high-quality commodities, reduction of post-harvest losses, quality packaging and storage, as well as increased employment opportunities through the set-up of warehouses and assaying companies to provide quality assurance services.
He enumerated more benefits as including global acceptance of commodities produced in Nigeria for export, leading to increased foreign exchange earnings, increase in number of processing plants in Nigeria due to better quality of raw materials and overall growth of the Nigerian economy.
The SEC DG added that the commission was committed to mobilising relevant stakeholders in the commodities trading ecosystem to provide the support needed by the SON to achieve expedited approval and publication of the commodities standards.
According to him, standard setting is a project of national importance and the SEC along with other stakeholders will work with the SON to achieve the objective and by extension national food security and self-sufficiency.