According to the Securities and Exchange Commission (SEC), lack of standards is to blame for some of Nigeria’s exports being rejected by foreign buyers.
During a meeting with the management of the Nigerian Agricultural Insurance Corporation (NAIC) in Abuja, SEC Director General Mr. Lamido Yuguda made this declaration.He claimed that there were markets for Nigerian goods, but the only barrier at the present was the absence of standards, which prevented some of the goods from being sold on the global market.
He reaffirmed the need to collaborate with NAIC in order to be able to be able to be able to prevent various risks in the ecosystem when agricultural products are exported, saying that SEC was working hard to guarantee that they meet international criteria., adding that, “The sector is key to our country’s future.
If we can harness it, it will greatly improve the economy of this country.” According to Yuguda, the commission established a technical committee on the commodities trading ecosystem as part of its implementation of the 10-year Capital Market Master Plan. The committee’s mandate was to identify problems with the current framework and create a roadmap for a thriving ecosystem.”We would like to explore areas of collaboration to see how far we can help grow that sector together,” he said. “The SEC has been doing a lot of things in the commodities sector and the role of NAIC in this sector cannot be overemphasized.
The NAIC’s Managing Director, Mrs. Folashade Joseph, declared that her organization was ready and willing to advance any idea that would benefit the populace and the country’s economy.She stated:, “It is a privilege to do this, as things begin to evolve, we try to push forward what will add value to the population. Our focus is on commodities. There are various evolving issues during the course of our business as insurers because we manage across the value chain.”
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