The Securities and Exchange Commission said it is currently working with the Standards Organisation of Nigeria to develop standards that would make the country’s commodities acceptable in the international market.
The commission also expressed its readiness to collaborate with the National Pencom on areas that would assist in further deepening the commodities ecosystem. “We have recorded a lot of successes in the sector so far and we see a lot of progress in the development of the sector.” He said the SEC is seeking collaboration with PenCom in its pursuit for economic development, adding that the commodities ecosystem has huge potential if optimally developed.
Managing Director of LFCE, Akin Akeredolu-Ale said the commodities exchange is poised to explore avenues for investing pension funds in the capital market. “The SEC has made provisions for the PFAs to invest in the commodities sector and this is expected to catalyse our economy and spur growth,” he said.
Managing Director of Lotus Capital, Hajara Adeola, said the commodity space is very central to the progress and development of Nigeria’s economy, noting that it is important the entire financial system participates to build the development as done in other global markets.