The imperative of a vibrant commodities trading ecosystem has again been emphasised in line with government’s efforts to diversify the economy away from crude oil for improved revenue and foreign exchange earnings
Vice President Yemi Osinbajo stated this at a Roundtable on Nigerian Commodities Trading Ecosystem held by the Securities and Exchange Commission, SEC in Lagos, Thursday.
Represented by Dr. Yemi Dipeolu, Special Adviser to the President on Economic Matters, Osinbajo said the Commodities Trading Ecosystem is of paramount interest to the Federal Government, given Nigeria’s abundance of natural resources and accordingly a comparative advantage in agriculture, solid minerals oil and gas, hence the emphasis in the immediate term should be the agricultural sector.
Osinbajo said the Federal Government attaches great importance to an active and vibrant capital market which will contribute to national growth and development. He said in order to achieve this objective, the capital market has to operate at an optimum level which is why the implementation of the 10 year Capital Market Master Plan remains a key priority.
According to the Vice President, “Agriculture accordingly occupies a pride of place in Federal Government’s policy, as stated on numerous occasions by the President and articulated in the Economic Recovery and Growth Plan. The importance of agriculture was underscored during the last recession as its growth then of about three to four percent prevented a steeper decline. Agriculture is also important for food security and as a means of generating a quick production response.
“The agricultural sector is also important for job creation and employment and for producing the raw materials that go into agro-processing. Indeed, the subsisting Agriculture Promotion Policy specifically aims to ‘integrate agricultural commodity value chains into the broader supply chain of Nigerian and global industry’.