Vibrant commodities market will create jobs, end poverty- Osinbajo

Professor Yemi Osinbajo has stated that a vibrant commodities market will create jobs and reduce poverty in Nigeria.

Osinbajo, who spoke at the beginning of a 2-day International Conference on the Nigerian Commodities Market (ICNCM 2020), with the theme: Commodities Trading Ecosystem: “Key to diversifying Nigeria’s economy” organized by the Securities and Exchange Commission (SEC), in Abuja.

Represented at the occasion by the Minister of State, Industry, Trade and Investment, Ambassador Maryam Katagun, the Vice President, stated that Nigeria is endowed with favourable atmospheric conditions for farming as well as abundant natural resources and teeming youthful population.

According to him, efficient use of these resources will benefit both the public and private sectors of the economy.

“Distinguished ladies and gentlemen our country is endowed with favourable atmospheric conditions for farming as well as abundant natural resources and teeming youthful population.

“Hence efficient use of these resources will benefit both the public and private sectors of our economy.

“With vibrant commodities markets, jobs will be created. Poverty will be reduced microeconomic situation of the country will improve.

“Definitely every responsible government is interested in seeing these improvements and this is at the heart of our administration’s policies and projects implementation

“In realisation of these objectives, the federal government has put many initiatives in place to develop agriculture and solid mineral sectors”, stated the Vice President.

In her address, Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed noted that the theme of the conference has always been relevant in Nigeria’s national discourse as several national plans, programmes and projects have targeted diversifying the production and revenue sectors of the economy.

According to the minister, while achievements have been made in these areas, there are needs to do more ensure that the country’s production and export base more robust and less vulnerable to external shocks as well as provide more opportunities for the growing population.

She noted that the recent outbreak of Coronavirus has further, strengthen the federal government’s resolve to diversifying the economy hence the theme of the conference was apt and timely.

“With the topics that have been scheduled in this the two-day event and the quality of the speakers, I am further assured that the outcomes of this conference will be beneficial to the Capital Market but most importantly to the national economy.

“Through this the conference, I can see the Capital Market community add its voice to the need to further diversify our economy, while also suggesting that one of the ways to this is to develop a vibrant commodities trading ecosystem. Our country is well endowed with various Commodities comprising agriculture, energy and mineral resources.

“For instance, the agricultural sector employs about 40 per cent of our labour force and accounts for 22per cent of Nigeria’s Gross Domestic Products (GDP),” she said.

In her opening remarks, Acting Director-General of the SEC, Ms Mary Uduk said one of the key initiatives of the 10 year Capital Market Master Plan is the development of a thriving commodities trading ecosystem as part of the capital market’s contribution to the national economy.

According to her, while it is clear that Nigeria is well endowed with agricultural, metals and energy commodities, our potentials in these areas are unrealised.

She said, “The good news, however, is that the capital market can be used as an avenue to unlock these potentials and diversify the nation’s economy, while providing jobs, creating values and contributing to governments’ revenue.

“We believe that if we can develop and institutionalise a vibrant commodities trading ecosystem in Nigeria, we can substantially address problems such as lack of storage, poor pricing, non-standardization, as well as low foreign exchange earnings affecting our agriculture and other commodities sub-sectors”.