SEC, SON Collaborate to Strengthen Commodities Trading Standards

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SEC, SON Collaborate to Strengthen Commodities Trading Standards

The apex regulator of the Capital market, the Securities and Exchange Commission (SEC) has announced a collaboration with the Standards Organization of Nigeria (SON) towards promoting the commodities trading ecosystem.

Director-General of SEC, Mr Lamido Yuguda, made this statement during a working visit to the management of the SON in Abuja Tuesday.

According to Yuguda, the commission has constituted, as part of its implementation of the 10-year Capital Market Master Plan, a Technical Committee on Commodities Trading Ecosystem that has been mandated to identify the challenges of the existing framework and develop a road map for a vibrant ecosystem.

“The prompt establishment of relevant standards would be transformational for the Nigerian commodities trading ecosystem. Standards provide consumers with an assurance of fitness of purpose, processors with commodities specifications, and serves as a reference point against which features of commodities can be compared.

“The commission was committed to mobilizing relevant stakeholders in the commodities trading ecosystem to provide the support needed by the SON to achieve expedited approval and publication of the commodities standards.

“Standard setting is a project of national importance and the SEC along with other stakeholders will work with the SON to achieve the objective and by extension national food security and self-sufficiency.”

In his submission, the Director-General, Standards Organisation of Nigeria (SON), Mallam Farouk Salim said there was the need to improve on standardization of farmers and processors to be able to attract funding, export commodities of high standards and attract the much-needed foreign exchange to the country.

“The imminent implementation of the African Continental Free Trade Agreement in January 2021 necessitates that stakeholders in Nigeria join forces to protect local manufacturers from unfair competition from importers of substandard and cheaper products”, he said.

The symbiotic relationship between SON and SEC is quite critical in protecting the nascent economy as key regulators.

 

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