SEC, SON collaborate on commodities standards

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The Securities and Exchange Commission and the Standards Organisation of Nigeria have said they will intensify collaboration on the commodities trading ecosystem with the hosting of a commodities standards sensitisation workshop.

The SEC said in a statement on Sunday that the workshop would hold this week in Lagos, with processors farmer groups, exporters, farmer co-operatives, merchants/off-takers and agric extension officers expected to attend.

It said the partnership would help foster the development of a grading and standardisation system in line with international best practices.

The Director-General of the commission, Mr Lamido Yuguda, had said recently that SEC constituted a technical committee on the commodities trading ecosystem to identify the challenges of the existing framework and develop a roadmap for a vibrant ecosystem, according to the statement.

According to Yuguda, it is globally recognised that a unique feature of a commodities exchange is the standardisation of the commodities traded on its platform.

He noted that the establishment of relevant standards would be transformational for the Nigerian commodities trading ecosystem.

The DG of SON, Mallam Farouk Salim, was quoted as saying that the agency was excited to collaborate with the SEC as it sought to develop the capital market in Nigeria and the Nigerian economy at large.