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SEC and SON Collaborates on Standards for Nigerian Agricultural Export

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Cargo clearance - Q3 2023 Trade

CEM REPORT, AGROFOODS | The Securities and Exchange Commission (SEC) is collaborating with the Standards Organisation of Nigeria (SON) to develop standards which will make Nigerian agricultural produce exportable.

The commission said the development of these standards will pave the way for the export of products to the international market and in turn, boost the Nigerian economy.

This is according to a statement by the Director General of the SEC, Lamido Yuguda.

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He noted that the commission in a bid to boost the economy and increase foreign exchange earnings, is exploring various Nigerian commodities that could be exported.

He stated that the agricultural sector in the country is expected to expand significantly which will create jobs and stimulate the economy in the near future.

More so, Yuguda said that some of the standards developed have been exposed to neighbouring markets and they have been well received.

He mentioned the commission’s tireless efforts to support participants in the sectors of agricultural and mineral commodities

“This is a market that has a lot of potential for Nigeria. We are a very good agricultural nation and we have a lot of resources and right now most of them are sold in local markets without any form standards and because of that a lot of our agricultural produce is rejected in the international market.

“You see, smaller countries can export their agricultural products, especially fruits. Our fruits are among the best in the world, but unfortunately, we are not participating in this market because of the issues of standardisation.”

According to Yuguda, the commission established a technical committee on the commodities trading ecosystem as part of its execution of the capital market master plan.

The committee’s charge was to identify issues with the current framework and create a road map for a thriving ecosystem.

“A committee comprising various stakeholders including the SON was set up to drive the implementation of the report. One of the recommendations in the report identified the development of grading and standardisation systems in line with international best practice.”

He expressed delight about the new government’s mention of supporting the commodities sector as it will further boost the SEC’s efforts at developing the sector.

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“Already, we have licensed a total of five (5) exchanges and also approved the trading and framework for operations of different instruments.

“We are collaborating with Nigeria’s National Insurance Commission (NAICOM), Central Bank of Nigeria (CBN), SON and the Federal Ministry of Solid Minerals and Mines in various ways to develop the sector.

“Ranging from capacity building, standard setting, domestic and international advocacy etc.”

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