Nigeria to start commodity exchange soon, says NCX MD
The Nigeria Commodity Exchange (NCX) will begin the agricultural commodity exchange in the next two months, as revealed by Mrs Zaheera Baba-Ari, its Managing Director.
A commodity market is a market that trades in primary economic sector rather than manufactured products. Farmers can sell their farm products immediately or exchange them for a certificate indicating the quantity of the farm products to be sold at any time the farmer wants at the prevailing price determined by forces of demand and supply.
Disclosing this in Abuja, managing director said, “Very soon, in the next few months, we will start the business because we had to first put our house in place.” She explained that the exchange had got some warehouses, renovated them and had got some people to do business with. These people, she added, would aggregate and operate the warehouses soon.
She claimed that the exchange would help because farmers would know that they could produce and get money, adding that NCX would create more jobs for the unemployed.
“People now know that through agriculture, you can really become rich; the country can gain and when we trade on exchange, there is a normal percentage that goes directly to the Treasury Single Account (TSA). So, the government is generating income.