The Securities and Exchange Commission (SEC) has reiterated its commitment to developing the commodities ecosystem in Nigeria to boost its non-oil sector.
The Director-General of SEC, Lamido Yuguda, stated this at
the 2022 annual conference of the Finance Correspondents Association of Nigeria
(FICAN), held in Lagos over the weekend, with the theme ‘Boosting Domestic
Capacity for Sustainable Export Earnings.’
Yuguda who was represented by the Director, Lagos Zonal
Office of the Commission, Hafsat Rufia, noted that development of the
commodities ecosystem would help the country achieve its quest for sustainable
foreign exchange earnings and economic development.
The Commission’s boss said, “We believe that implementation
of the roadmap for vibrant commodities trading ecosystem in Nigeria by the
Commission will support development of the agricultural sector and
diversification of the Nigerian economy and, ultimately, advance the country
towards attaining sustainable foreign exchange earnings.”
He added that it is imperative that the country focuses on
all the sustainable foreign exchange earning avenues of the capital market for
support over the medium to long term.
“We must, therefore, leverage on the capital market through
the commodities ecosystem, the equity and bond markets to develop and exploit
all the potential sources of forex.”
The SEC DG stated that the Securities and Exchange
Commission continues to advocate for a unified foreign exchange rate in order
to attract more foreign portfolio investments into the country, adding “We
appreciate the efforts of the Central Bank of Nigeria in exchange rate
management and will support in whatever way we can to enable achievement of the
objective of exchange rate stability.”
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