Standardising Nigeria's commodities sector

The Director-General of Nigeria's Securities and Exchange Commission, Lamido Yuguda, recently highlighted the ongoing efforts with the Standards Organisation of Nigeria to establish and implement standards for the country's commodities market. Speaking at the commissioning of the Lagos Rice Mill, Yuguda emphasized the importance of introducing more standards to attract private sector investment. The event marked a significant milestone as the size of the rice mill is anticipated to create over 250,000 jobs once fully operational. This development is poised to have a transformative impact on the job market in Nigeria, particularly in Lagos State. The utilization of locally sourced rice will not only boost the economy but also reduce foreign exchange expenditure previously incurred on rice imports. Yuguda expressed optimism for increased investments in various sectors of the food chain that are currently underproduced, thereby stimulating economic growth and sustainability. The role of the Securities and Exchange Commission as a regulatory body in fostering investor confidence and facilitating investments in the commodities market was also emphasized by Yuguda. The alliance between the rice mill and a commodities exchange to trade electronic receipts further underscores the pivotal role of regulatory agencies in promoting growth in the commodities ecosystem.