- Post by Admin on sunday, March 05, 2015
The Commodities Brokers Association of Nigeria (CBAN) has commended President Muhammadu Buhari economic programme, as documented in the Economic Recovery and Growth Plan (ERGP). South West Zone Chairman of the association, Akeredolu Ayodeji Olorunfemi disclosed this to financial journalist in Lagos.
Akeredolu, while congratulating the President Buhari on his land slide victory in the last 2019 general election, noted that it is a man of integrity like him Nigeria needs at this pressing time to shape the economy from mono-cultured to multi-cultured economy with able think tanks from all parts of the country, to brainstorm and be effective and pragmatic in the development of the country.
He advised the President to sign the Warehouse Refinancing Receipt Bill and Chartered Institute of Commodity Brokers bill (CICB) currently on his table. According to him, these two bills will go a long way in propelling the economy, which is in line with the ERGP.
Akeredolu explained that with the Warehouse Refinancing Receipt, every aspect of Non-oil economy will be uplifted to perform better than the oil sector. “agriculture will be greatly financed because, producers will be easily financed having their high quality produce as collateral to access funds from the banks acting as clearing house for the commodity exchange ecosystem”.
Highlighting the benefits of the commodity exchange, he pointed out that solid minerals miners too on small scales can also warehouse minerals mined from the fields of mining. In which most of them had already form cooperatives, which will make it easy for them to raise funds from clearing house banks affiliated with commodity Exchange ecosystem.
Adding that, quite essential and greatly important is the presidential proclamation on all agriculture produce and solid minerals that are produced or harnessed in Nigeria, should be traded on any of the exchanges that had been licensed for operation in Nigeria. Stressing that the tonnage and kilogrammes by weight should be emphasized as to curtail fraudulent transaction.
“Any weight less than what the president proclaims can be procured at spot markets all over Nigeria. The heavy weight approved, should be traded on the platform of the Nigerian commodity exchange or other commodity exchanges that are already licensed. This will create a lot of investment opportunities for high net worth individuals, thereby create employment opportunities for able bodied Nigerian”.
Photo Caption: South West Zone Chairman of the association, Akeredolu Ayodeji Olorunfemi