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.’
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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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