Industry Insights

How commodity market, exchange can develop agric sector, by Osinbajo

Source: The Guardian

Vice President Yemi Osinbajo has expressed how focusing on developing Nigeria’s agricultural value chain, particularly the business of creating a proper commodity market with logistics, would be mutually beneficial to farmers and consumers, ensuring food security and industrial growth.

The vice president said this while receiving a delegation from Gezawa Commodity Market and Exchange. The delegation was led by the Managing Director of the company, Mr. Muhammad Rabi’I Elyakub.

Prof. Osinbajo stated that “we need all the focus that we can on developing our agricultural value chain, especially the business of ensuring that we create a proper market so that there is value,” adding that ‘’we must make sure that we are able to resource that chain well.”

The vice president acknowledged that in Nigeria, “we are top producers of so many different agricultural products, as well as minerals.

“In adding value, ensuring the value chain works effectively, ensuring that we can process, store and trade, is really where the missing link is.”

Emphasising the importance of the agricultural value chain, Osinbajo reiterated that “I don’t know of any society that has been able to develop the whole value chain from the farm to the table without a very vibrant commodity exchange.”

He commended the commodity company for making “very quick progress in a very short time,” adding that the company had covered substantial ground.

He continued: “I am impressed with what you have done so far. I think the idea is that there is only one way to make agriculture profitable for the average farmer and that is by creating a market that is systematic and recognises value and you can’t do that without establishing a proper market.”

While giving a presentation, the Chief Financial Officer of Gezawa Commodity Exchange, Dr. Abdullahi Ya’u, highlighted the importance of having a commodity exchange market.

He stated that without an exchange, “it would take Nigeria ages for the farmers, producers, traders in commodities to discover their potential, but with exchanges, we can be globally seen and standardised based on international best practices. I believe this is one of the core anthems of this government.”