SEC partners ministry on mineral development

The Securities and Exchange Commission (SEC) is seeking to partner with the Ministry of Mines and Steel Development to address some of the challenges faced by the solid minerals sector.

This was stated by the Director-General of SEC, Mr Lamido Yuguda, during a meeting with the Minister of State for Solid Minerals, Dr Uchechukwu Ogah, in Abuja at the weekend.

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Yuguda disclosed that the core function of a Commodity Exchange was to create markets by providing a setting where multiple buyers and sellers could trade commodity-linked contracts thereby reducing the costs associated with finding a buyer or seller to whom to transact.

He said in the last couple of years however, Nigeria has been confronted by significant threats which include, structural fiscal challenges underlined by heavy reliance on crude oil for revenue, youth unemployment and increasing insecurity.

This worrisome situation, he said, has been exacerbated by the COVID-19 pandemic.