The Federal Ministry of Agriculture and Rural Development has resolved to partner with the Nigerian Commodity Exchange Commission to develop the commodity market.
The Permanent Secretary, Federal Ministry of Agriculture and Rural Development, Arc. Sonny Echono, disclosed this on Tuesday, 25th August, 2015, when he received the Managing Director and Chief Executive Officer and management of Commodity Exchange Commission in his office.
Arc. Echono expressed the readiness of his ministry to collaborate with the board in developing the commodity market and its storage programme but informed the commission of the presidential directive on the ministry to do an index study before engaging in any concessionary plan.
The Permanent Secretary stated that the report of the committee on the storage system is ready and the ministry is waiting for the approval of Mr. President.
He said the ministry is promoting ware housing and is working very hard to open the market to competitors, saying some may be kept for storage reserve. He advised the commission to consider warehousing, saying 33 of such warehouses are available for off-taking.
Arc. Echono said the ministry has been working on the actual number of co-operatives saying it has reasonable data on co-operatives and would make the data available to the commission. He said the ministry is working very hard to strengthen and resuscitate co-operatives.
The Permanent Secretary, stated that the ministry has done well in maize production and would try to release some to stabilize the cost of maize in the market. He the plan of the ministry to do expanded dry season farming using irrigation facilities to boost food production.
Arc. Echono advised the commission to get involved in paddy aggregation to ensure that farmers find easy and good market for their rice paddy. He said the ministry planned the establishment of 25 Bulk Allocation Centres to be private sector driven, saying “our value chains are looked at from the private perspective.”
Earlier in her remarks, the Managing Director and Chief Executive Officer of the Exchange Commission, Mrs. Zaheera Baba – Ari stated that the Commission was in the ministry to seek areas of support and value addition.
Mrs. Baba-Ari said the Commission would want to have a Memorandum of Understanding (MoU) on storage and co-operatives with the Ministry and equally needs warehouses in some locations in the country.
She said the Commission started working with the Ministry of Agriculture since 2010, with a request for the leasing of some warehouses and had worked with some seed associations in the past.
Tony Ohaeri – Director Information
August 26, 2015