The National Assembly has assured the Nigeria Commodity Exchange, NCX of its desire to formulate quality legislations that will give more impetus to the activities of the exchange to foster more economic growth and development of the country.
This resolution was reached in Abuja by the House of Representatives Committee on Capital Market and Institutions at a two-day capacity building on the workings and activities of the Nigeria Commodity Exchange.
The Committee’s Chairman, Honourable, Tajudeen Yusuf said the training was apt as it will enable lawmakers make informed budgetary decisions about the agency, especially at this time that Nigeria is placing more emphasis on the diversification of its economy.
According to him, “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”, Hon. Yusuf said.
Some members of the committee on Capital Market and Institutions who participated in the two-day programme while acknowledging the importance of the NCX to the economic diversification agenda of the President Muhammadu Buhari’s administration, agreed to ensure that the 9th assembly as a matter of urgent national importance formulates bills to enhance the status of the exchange.
The Managing Director, Nigeria Commodity Exchange, Zaheera Baba-Adi, who was represented by the General Manager, Operations, Benson Lawal, assured the lawmakers of the exchange readiness to work with the National Assembly towards changing the face of the commodity market operation in the country.
In his words, “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” he said.
The two-day capacity building programme ended with great assurances from both parties for a smooth and cordial relationship to drive the nation’s economy forward.