The Securities and Exchange Commission (SEC) said it was ready to commence capacity building of stakeholders and the public on commodities exchange to bridge the existing knowledge gap.
The move is part of efforts to implement the report of its technical committee on commodities trading ecosystem.
Acting director-general of SEC, Ms. Mary Uduk, stated this when a delegation of the Commodity Brokers Association of Nigeria (CBAN) led by its registrar, Alhaji Saleh Kwaru, visited the Commission in Abuja.
Uduk, who was represented by acting executive commissioner, Operations, Mr. Isyaku Tilde, said the commodities trading ecosystem committee’s report, published on the SEC’s website, contains no fewer than 40 recommendations on how to have an efficient commodities exchange.
“One of the recommendations, is capacity building of stakeholders and the public on commodities exchange, to bridge the existing knowledge gap to ensure we reap the benefits of trading in commodities. The SEC is ready to partner with CBAN in that regard.
“The aim of SEC is to have an efficient commodities exchange because right now that sector of the capital market is dormant. Part of the issues that the committee is trying to address is capacity building and public enlightenment campaigns.
I believe that part of the things CBAN is doing is capacity building, which is one area where we can collaborate going forward,” she said.
The registrar of CBAN, Alhaji Saleh Kwaru, commended SEC for developing the Nigerian Capital Market Master Plan, and for registering two private commodities exchanges to open up the market.
Kwaru said the association started 13 years ago, and currently had 800 members certified by the Nigeria Commodities Exchange (NCX).