President Muhammadu Buhari has approved an investment of N50 billion in Nigeria Commodity Exchange as part of efforts to reposition it.
Emefiele, who chairs the SteerCo, said the federal government’s premier commodity exchange had not been able to catalyse agricultural production due to structural and idiosyncratic challenges. Emefiele, who explained that no timeframe had yet been set for the assignment, added that pending approvals, the first launch involving approvals on repositioning, restructuring, setting up various board structures, board committees and governance committees should happen within 90 days.
Emefiele said when completed, the repositioning drive will open up Nigeria’s agricultural sector and bring succour to Nigerian farmers who have suffered in the hands of “people who are arbitraging, people who take their products for peanuts and then sell and make lots of money.”