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NCX requests public private alliance to tackle rising food prices

NCX requests public private alliance to tackle rising food prices

By Atiba Moyinoluwa

Government agencies in charge of operations relating to the Nigerian agro-commodity segment in the nation have been called upon to partner with Nigeria Commodity Exchange (NCX), to tame the rising domestic food prices as well as general inflationary trends in the sector.

The Managing Director/CEO of the exchange, Mrs. Zaheera Baba-Ari, made the petition recently while delivering the opening remarks in Kano, at a Capacity Building workshop on agro-commodity trading and warehouse management for farmers, agro-processors, and other market actors domiciled in Kano state and environs.

Baba-Ari identified the Federal Ministry of Agriculture and Rural Development and the National Food Reserve Agency among several government Ministries, Agencies and Departments, MDAs, that NCX would approach to work together to ameliorate the rising domestic food prices and general inflationary trend in the nation’s commodity trading sector.

The Managing Director recalled the mandate handed down by President Muhammadu Buhari to selected government organs to end the rising domestic food prices, adding that that the Exchange was ready to partner with relevant sister agencies of government in this regard.

She announced that NCX aims at reaching out to the mentioned agencies and others in order to establish a platform for co-operation to meet the Presidential mandate.

“I hereby call on domestic and international investors with interest in relevant segments of the country’s agro-commodity trading sector to link up with NCX to develop their business in Commodity Export, Trading, Warehousing, Collateral Management, Logistics, Financing, to name but a few. Needless to say, the Presidential mandate highlights opportunities for investors in the ecosystem that they can take advantage of in the immediate, medium and long term.

“State and Local Governments located in the country’s major production areas of commercially viable agro-commodities are also encouraged to link up with NCX in order to boost the fortunes of their indigenes.

“In the same vein, major commodity groups and associations across the country are hereby called upon to partner with NCX as a means of enhancing their operations”, she added.

Barrister Ibrahim Mukhtar, Kano State Commissioner for Commerce, Industries, Cooperative & Mineral Resources, commended NCX for establishing a Spot Trading Floor in Kano and pledged to work towards securing the support of the state Governor, Dr. Abdullahi Umar Ganduje, OFR, to improving commodity trading operations in partnership with NCX.

Barrister Mukhtar identified the benefits of patronizing NCX to include ease of trading from remote locations with consumers located around the world, price discovery for participants as well as improved return on investment for farmers and merchants domiciled within Kano state and its environs, noting that the socio-economic wellbeing of the indigenes would thus be enhanced.

The workshop was attended by more than 120 participants drawn from Dawanau International Market, Commodity Brokers Association of Nigeria (CBAN), Commodity Associations, Warehouse operators, women groups as well as farmers and merchants.

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