FG to Revamp National Commodity Exchange for Agricultural Growth

The federal government is seeking to revamp the National Commodity Exchange as a means to encourage agriculture as well as improve the development of the non-oil export sector in the country.

Speaking while on a tour of industries in Kano, the Minister of Industry, Trade, and Investment, Dr Doris Uzoka Anite, said agriculture and non-oil sectors were key to poverty reduction, job creation, employment, and food security in the country.

According to the minister, “In the ministry, we are revamping the national commodity exchange to be able to do much more to support agriculture and encourage investment and development in the agricultural sector.

“We are determined to see more investments in agriculture as well as the solid minerals sector and the oil and gas sector. We are looking at ensuring that the farmers and producers get value for their efforts.”.

She explained: “we are coming with a warehousing idea so that farmers can take their goods to warehouses and they can get some facilities to go back to farm more.”

Also, while interacting with government officials and members of the business community in Kano, the minister stated that the federal government was committed to establishing more industrial clusters as well as reviving existing ones to fast-drive SMEs and industries across the country.

She said the clusters would provide access to subsidised inputs like power, access roads, and other infrastructure needed to drive industries and SMEs to greater productivity and profitability.

“For us, making these industries competitive is a major goal of this ministry, especially now that the African continental free trade area is developing.

“It is important that we help the industries and the SMEs reduce their production costs so that they can compete favourably in a larger market,” the minister noted.