(3 minutes read)
· AFEX, Nigeria’s leading commodities exchange is partnering with the Securities and Exchange Commission (SEC) and the Standards Organization of Nigeria, (SON) to strengthen and popularize commodity standards in the country
· The initiative will aid the development and adoption of a grading and standardization system to be in line with international best practices
· There are three ways in which the exchange can help the farmers viz, widening the scope of agro processing, productivity enhancement and by implementing Livelihood Improvement Support Project (APPEALS).
AFEX, Nigeria’s leading commodities exchange is partnering with the Securities and Exchange Commission (SEC) and the Standards Organization of Nigeria, (SON) to strengthen and popularize commodity standards in the country. The initiative will aid the development and adoption of a grading and standardization system to be in line with international best practices.
This decision was taken at a workshop, which brought together stakeholders including government agencies, farmer groups, processors, agriculture commodity exporters, merchants/off-takers, collateral managers, development partners, and other agriculture experts. The participants provided input on the commodity standards and identified the grey areas of the present regime. The Workshop also developed a roadmap for a vibrant ecosystem.
The meeting was attended, among others, by Kano State deputy governor, Nasiru Gawuna. He said that commodities exchanges could serve as a key catalyst for the development of critical sectors. It offered a credible platform for trading and facilitating the export of commodities. However, he pointed out that the practices to be followed in the commodity exchanges should conform to international standards. The commodity exchange is aimed to help the medium and small farmers to improve value addition particularly for three crops such rice, wheat and tomato. There are three ways in which the exchange can help the farmers viz, widening the scope of agro processing, productivity enhancement and by implementing Livelihood Improvement Support Project (APPEALS).
