SEC To Collaborate With SON Over Commodity Standard

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SEC To Collaborate With SON Over Commodity Standard

The Securities and Exchange Commission (SEC) has requested greater collaboration with the Standards Organization of Nigeria (SON) to ensure speedy approval and publication of standards relevant to the commodities trading ecosystem.

This request was made by the Director General of the SEC, Mr. Lamido Yuguda, during a working visit to the SON Management in Abuja on Tuesday.

Mr. Yuguda said the commission, as part of its implementation of the 10-year Capital Market Master Plan, constituted a Technical Committee on commodities Trading Ecosystem whose mandate was to identify challenges of the existing framework and develop a road map for a vibrant ecosystem.

According to him, the prompt establishment of relevant standards would be transformational for the Nigerian commodities trading ecosystem.

He enumerated more benefits as including global acceptance of commodities produced in Nigeria for export, leading to increased foreign exchange earnings, increase in number of processing plants in Nigeria due to better quality of raw materials and overall growth of the Nigerian economy.

The SEC DG added that the commission was committed to mobilizing relevant stakeholders in the commodities trading ecosystem to provide the support needed by the SON to achieve expedited approval and publication of the commodities standards.

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