NASS to back Nigerian Commodity Exchange with stronger laws

May 22nd, 2019

By Felix Khanoba

The National Assembly (NASS) has expressed its readiness to churn out strong legislations that would boost the activities of the Nigerian Commodity Exchange (NCX).

This was made known in Abuja by the House of Representatives’ Committee on Capital Market and Institutions during a two-day capacity building on the workings and activities of the Exchange.

Chairman of the committee, Hon. Tajudeen Yusuf, said the move would give more impetus to NCX to foster more economic growth and development of the country.

While saying the training was apt as it afforded lawmakers to ensure a better budgetary decisions about the agency in no distant time, Yusuf said the Exchange need to be repositioned through more funding to meet its strategic role in the Federal Government economy diversification drive.

His words : “As you know, your agency needs more money and legislative backing to excel in your endeavour, with this quality presentations and insight into what the Exchange is doing, you will definitely get our support for the overall benefit of the country.

“Without enough money through budgetary provision, the silos will not serve the purpose it was meant for” the lawmaker added.

On her part, the Managing Director of the NCX, Zaheera Baba-Ari, assured the lawmakers of the Exchange readiness to work with the National Assembly towards changing the face of commodity market operation in the country.

” We as NCX will do all what we could to win the support of the National Assembly for improved budgetary allocation and quality legislations to aid our work as it is obtainable in other parts of the world.

“The essence of this capacity building is to expose the lawmakers to the key roles NCX is playing in moving Nigeria away from its long dependence on (oil) monolithic economy to a non oil economy by supporting Mr. President’s economic diversification agenda through exchange,” Baba-Ari, who was represented by the General Manager, Operations, Benson Lawal, said.

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