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Lawmakers call for non-interest banking policy in Nigeria

Mercy Chukwudiebere
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The House of Representatives has called on the government to through the Ministry of Finance and Central Bank of Nigeria, CBN, provide a policy that will allow commercial banks render non-interest banking services to stimulate the economy.

This was contained in a motion moved by Kabir Ibrahim Tukura, a member from Kebbi State, adopted at the plenary on Thursday.

Presenting the motion Mr. Tukura said, non–interest banking, also known as Profit and Loss Sharing (PLS) banking system prohibits the payment of interest in all ramifications and then adopts the principle of profit and loss sharing between the parties.

He noted that under non–interest banking, both the investor and the entrepreneur are partners, while profit or losses made are shared according to the stake and sharing formula based on level of financial commitment and participation by each party.

“Non-interest banking encourages asset banking as financial transactions are tied to tangible assets like real estate investment or investment on goal, which usually appreciates over time and does not depreciate,” he said.

Mr. Tukura however noted that ”conventional banking is an interest-based system whose relationship with their customer is that of creditor and borrower, and interest is fixed in advance and risk or loss is only incurred by the borrower.”

The lawmaker said, ”a large number of Nigerians, especially from the Northern part of the country, do not take loans with interest due to religious concerns.”

According to him, such people are being short changed from benefiting from government policies and stimulus packages which contribute to the slow economic growth of the region.

“Nigeria’s lending rate, in conventional banking, is one of the highest in the world, and creates serious hardship, particularly on low–income earners, most especially in this period of the COVID–19 Pandemic.

With higher interest rates, interest payments on credit cards and loans are more expensive, consequently discouraging people from borrowing and spending with the attendant decrease in consumption,” he added.

The House therefore resolved to look into the issue and the motion was referred to the House Committee on Banking and Finance for further legislative action.

 

Mercy Chukwudiebere

Governor vows to reduce HIV/AIDS prevalence rate in Ogun

Mercy Chukwudiebere
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The Ogun State Governor says his administration will intensify efforts towards reducing the spread of Human Immunodeficiency Virus ( HIV).

Governor Dapo Abiodun affirmed this when the United State Deputy Chief Missions visited him in Abeokuta, the state capital, on the occasion of the HIV Treatment Surge Light.

The Anti-retroviral therapy (ART) Surge light campaign was conceptualised by the US President’s Emergency Plan for AIDS Relief ( PEPFAR) to put at least 20,200 people living with HIV (PLHIV) on life-saving anti-retroviral therapy by September 30,  2021 in Ogun State.

He acknowledged that the initiative was to close the existing gaps, promising that ”the state government will continue to work towards ensuring that more people are saved from the clutches of HIV/AIDS through sensitisation, advocacy and other preventive measures.”

According to the Governor, studies and researches have shown that a national household-based survey on Nigeria HIV/AIDS Indicator and Impact Survey (NAIIS) as at 2018, assessed and put the prevalence of HIV in Ogun State at 1.6%. This shows a significant reduction from 3.6% prevalence rate in 2010.

“Even at that, we are not satisfied and we are working assiduously to bring the prevalence rate down still. We will work not only to identify and place a minimum of118 new HIV positive clients on treatment every week, but seek alternative actions to lower the rate of infections and encourage diagnoses and treatment, “the Governor said.

The state’s helmsman also said that the present administration ensured the elimination of ART associated user fees in all health institutions, stressing that the move will help all HIV positive clients have access to the free anti-retroviral treatment provided by PEPFAR.

Governor Abiodun stated that ”the government has expanded treatments for preventing mother-to-child transmissions, just as it has increased enlightenment on the use of condoms, and introduced affordable methods for preventing infection in high-risk populations.”

Appreciating the US Center for Disease Control for its interest in Ogun State, the Governor commended the developing partner, APIN Public  Health Initiatives for its various efforts in the areas of care and donations towards public health in the Gateway State.

He called on stakeholders to continue to partner to facilitate the removal of existing barriers to HIV care,  treatment and prevention services, saying that the gaps in reaching the Joint United Nations Programme on HIV/AIDS (UNAIDS) of 95 per cent  targets across board  by the year 2030 and the SDG 3 target of global eradication of AIDS must be addressed.

L-R: Ogun State Commissioner for Health, Dr Tomi Coker; US Deputy Chief of Mission, Kathleen Fitzgibbon; Governor Dapo Abiodun; Chief Executive Officer, APIN Group and Country Director of US Centre for Disease Control (Nigeria) Mahesh Swaminathan when the AIDS Prevention Initiative paid a visit to the Governor’s office, Oke Mosan, Abeokuta.

 

The Commissioner for Health, Dr. Tomi Coker, said the launch of the Anti Retroviral Therapy (ART) Surge light would further build on the State’s achievements by ensuring that key and targeted population are reached, ensuring that the Test and Treat policy, which has been proven to save many lives, is also implemented.

The Commissioner added that ”the ART Surge Light intervention will ultimately go a long way in delivering on the governor’s vision of providing affordable, accessible, qualitative health services and contributing to an increase in life expectancy of Ogun State citizens.”

The US Deputy Chief Missions, Kathleen Fitzgibbon, assured the Governor that an HIV free generation is possible, noting that the efforts of the Ogun State Government in achieving the viral load suppression of 87 percent people living with HIV  is commended.

The Chief Executive Officer of APIN, Dr. Prosper Okonkwo, stated that the commitment of Ogun State Government to addressing the scourge of HIV/AIDS is worthy of emulation.

Similarly, the State Government last week unveiled the first of its kind HIV self-test kits that would afford every individual the opportunity of doing Human Immunodeficiency Virus (HIV) test in the comfort and privacy of their homes.

The World Health Organisation (WHO) had in June 2013 issued consolidated guidelines on the use of Anti-retroviral drugs for treating and preventing HIV infection which summarises diverse models of testing and counselling services to increase access to HIV diagnosis.

The kits were unveiled by the Wife of the Governor, Mrs. Bamidele Abiodun in commemoration of the 2020 World AIDS Day with the theme: “United to End AIDS in the midst of Covid-19” in Abeokuta.

 

 

Mercy Chukwudiebere

 

COVID-19: House demands transparency in palliative distribution

Emmanuel Ukoh
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The House of Representatives has urged the Executive arm of government to introduce extra measures that would ensure more transparency in the COVID-19 pandemic programmes aimed at cushioning the effects of the pandemic on Nigerians.

 

The House also called on the relevant government agencies involved in the implementation of the programmes to expand the criteria for selection of beneficiaries to accommodate more people.

 

This was contained in a motion on the need to monitor the distribution of post COVID-19 palliatives.

 

Mr. Dozie Nwankwo while presenting the motion expressed concern that the ENDSARS protests have revealed that some palliatives meant for distribution to the public were still being kept in warehouses in States across the country.

The Lawmakers observed that there is insufficient information about the government palliatives and other intervention measures making people to believe that the whole exercise lacked transparency in distribution.

 

 

 

Emmanuel Ukoh

 

Reps want security formations in Lame-Burra Game Reserve

Emmanuel Ukoh
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The House of Representatives has urged the government to establish security formations within the Lame-Burra Game Reserve in Bauchi State and other neighboring forest reserves in Plateau, Kano and Kaduna States.

 

This was contained in a motion adopted on the Need to Combat Rising Cases of Insecurity in Lame-Burra Game Reserve, sponsored by Umar Muda-Lawal, a member from Bauchi State.

 

Muda-Lawal while presenting the motion expressed concern that the game reserve has been converted into an operational base of insurgents, bandits and other criminal elements terrorizing especially North West and Central parts of the country.

 

“The Game Reserve has become a haven for insurgents, bandits, armed robbers, kidnappers, cattle rustlers and all other criminal elements who have converted the Reserve to their operational base as insurgents and bandits relocating from Zamfara State and other parts of the country seem to be regrouping in the Reserve.

 

“Most Game Reserve, Forests and Wild Life Parks within Nigeria such as Palgore Game Reserve in Kano State, Kudaru Forest in Lere and Igabi Forest in Kaduna State, Zurok Forest, Jangere Forest and Pandam Wildlife Park in Plateau State and Nabardo Forest in Bauchi State share similar security threats as the Lame-Bura Game Reserve” Muda-Lawal explained.  

 

The lawmakers also urged the government to provide infrastructure in the Game Reserve and other Reserves to boost the Nation’s revenue through tourism.

 

Lame-Burra Game Reserve established in 1972, inhabits rare species of Birds, Monkeys and other WildLife, capable of attracting thousands of tourists within and outside the country.

 

 

 

Emmanuel Ukoh

Nigerian Govt reduces Data prices by 50%

Mercy Chukwudiebere
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The Minister Communication and Digital Economy  says the average cost of 1GB of data has reduced from the January 2020 cost of N1,000 to N487.18 in November, 2020.

In a statement signed by his Technical Assistant on Information Technology, Femi Adeluyi, the Minister of Communication and Digital Economy, Isa Pantami says data prices reduced by 50 per cent in 2020.

“This was based on a Report by the Nigerian Communications Commission (NCC) submitted to the Minister following the implementation of the directives”

“The  Minister had inaugurated a Committee that developed the Nigerian National Broadband Plan (2020-2025) on the 16th of December, 2019.  The Plan was unveiled and launched by His Excellency, President Muhammadu Buhari, GCFR, on the 19th of March, 2020. One of the goals of the Plan is to reduce the average cost of 1GB of data to a maximum of N390 by 2025.  With the January 2020 baseline of N1,000 per GB, the maximum projected steady decrease for the end of each year was as follows: 2020 (N925), 2021 (N850), 2022 (N775), 2023 (N700), 2024 (N545) and 2025 (N390),” the statement reads.

The statement said ”in line with Dr Pantami’s commitment to under promise and over deliver, the measures have caused the current cost of data to reduce significantly beyond the December 2020 projection of N925.  Based the Report by NCC, the average cost of data as at November 2020 was N487.18, which amounts to 47.33% lower than the projected value.  The Report also indicates that the cost of data in November 2020 was less than 50% of the cost of data in January 2020.

“The Federal Ministry of Communications and Digital Economy, through the NCC, will continue to ensure that consumers enjoy a price regime that supports fairness and is friendly to consumers. Policies are in place to ensure that operators adopt competitive pricing that eschews unjustifiable margins. The general public may also wish to note that complaints about rapid data depletion are also being investigated.”

“For more enquiries, the Minister has directed the NCC to respond to all issues raised by our citizens and customers. All hands will remain on deck to achieve the goals of the Broadband Plan as the Ministry supervises its implementation in line with our National Digital Economy Policy for a Digital Nigeria,” the statement added.

 

 

Mercy Chukwudiebere

Oyo water agency launches campaign for sanitation

Emmanuel Ukoh
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The Oyo State Rural Water and Sanitation Agency (Oyo RUWASSA) has launched the “Clean Family Campaign”, to motivate communities and healthcare facilities towards practising specific hygiene behaviours for better health outcomes.

The Agency launched the campaign at an event held at the RUWASSA Office, Agodi Secretariat, Ibadan, the State capital.

Speaking at the event, Chairman of the Oyo RUWASSA, Mr Omirinde Najeem, lamented that lack of access to Water, Sanitation and Hygiene (WASH) infrastructure makes the practice of good hygiene difficult, with attendant negative consequences on health, livelihoods, gender equality and socio-economic outcomes.

To mark the commencement of the Clean Family Campaign, the State government took delivery of 15 permanent inclusive handwashing facilities with dual access to cater to people living with disabilities, 20 permanent handwashing facilities and 100 semi handwashing facilities, as part of the 1000 non-contact and inclusive handwashing facilities promised under the Scale-up Hygiene Project of the WaterAid Nigeria and its local partners.

Najeem disclosed that the Clean Family Project, launched in collaboration with WaterAid Nigeria, is in line with the national sanitation campaign: ‘Clean Nigeria: Use the toilet’, which was launched by the Federal Government last year to deliver an open defecation free Nigeria by 2025.

He said, “This will be achieved by changing the physical and social environment, changing the narrative in people’s minds, as well as motivating people to think and act differently through the use of emotional triggers.” 

Najeem noted that the Agency would empower and encourage people to practice good hygiene using context-specific hygiene messaging through promotional touchpoints, while providing hygiene facilities and kits to support the practice of recommended hygiene behaviours.

“We will also hand over 35 permanent handwashing facilities and 100 semi-permanent handwashing facilities and hygiene packs to some under-served communities in the State. We encourage every resident of Oyo State to maximise the campaign and adopt the recommended hygiene behaviours,” he stated.

Najeem appreciated the Heineken Africa Foundation (HAF), for the enormous support given to the project; WaterAid Nigeria, the technical partner, and the Living Word Mission (LIWOM), the project’s implementing partner, for the hard work from design to implementation.

Good hygiene practice

In his remarks, the Team Lead at LIWOM, Marcus Williams, said access to basic water supply services is an enabler for good hygiene practices because the fact that many people within the State are unable to practice frequent handwashing with soap and clean water is increasing the risk of the spread of diseases, adding that stakeholders must recognise and commit to prioritising access to clean water and decent toilets as basic human rights.

According to RUWASA, new national statistics have revealed that about 93 percent of residents of Oyo State do not have handwashing facilities, with soap and water, close to their homes; another 83 per cent of the residents have no access to basic sanitation services, while 15 per cent do not have access to clean water.

 

 

Emmanuel Ukoh

India: World’s biggest vaccine maker gears up for vaccine race

Oluwasola Akintonde
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India, the world’s biggest vaccine maker, is getting set for the massive global blitz to contain the coronavirus pandemic with its pharmaceutical industry and partners freeing up capacity and accelerating investments even without firm purchase orders.

India manufactures more than 60% of all vaccines sold across the globe, and while its $40 billion pharmaceutical sector is not yet involved in the production of the expensive Pfizer Inc and Moderna shots, the nation will play a pivotal role in immunizing much of the world.

Indian companies are set to produce eight, more affordable vaccines designed to fight COVID-19, including AstraZeneca’s Covishield, called the “vaccine for the world here” by its developers.

“There are many vaccines being produced in countries around the world but there’s only one nation that has the manufacturing capacity to produce sufficient quantities to satisfy the demands of citizens in every country, and that’s India,” said Barry O’Farrell, Australia’s ambassador to India, after touring vaccine manufacturing sites in India with many other diplomats.

Serum Institute of India (SII), the world’s biggest vaccine maker, has already stockpiled more than 50 million doses of the AstraZeneca shot, even as it awaits emergency-use approvals from both British and Indian authorities.

SII plans to make a total of 400 million doses of Covishield by July and is setting up new production lines to roll out roughly one billion shots a year.

Meanwhile, Schott Kaisha, Pharmaceutical packager is stepping up production of vaccine vials and Deutsche Post’s DHL is working out how best to distribute the shots within the country and around the world.

“Because of the large volumes coming out of India and of course the affordable vaccines, there is no other country that will contribute more towards ending the pandemic than India,” Adar Poonawalla, SII CEO, said at the company’s sprawling campus in the western city of Pune. Here, automated machines fill and seal thousands of vials with the AstraZeneca shot every hour before they are moved to a vast, high-ceiling cold room.

But much of India’s vaccine production could be, at least initially, for domestic use.

With nearly 10 million infections, the world’s second-highest after the United States, India’s government is likely to order a huge chunk of the vaccines for its 1.3 billion people.

Calculated risk

Prime Minister Narendra Modi has yet to specify how much India will require, but his government has said some vaccines may be approved in the next few weeks and that it was “committed to partnering with all interested countries in vaccine-related efforts”.

Poonawalla said he expects to sell hundreds of millions of doses at home. Even as immediate local demand is met, nearly half of its production would go overseas, reports said.

India’s Bharat Biotech, which has also sought emergency approval for its government-backed vaccine candidate, is in discussions with more than 10 countries in South America, Asia and Eastern Europe to sell its product.

Russia, meanwhile, has signed deals with Indian companies to make the country the production and export hub for its Sputnik V vaccine, starting with more than 100 million doses a year.

Many companies in India’s vaccine supply chain are laying out investments without deals in hand.

 “We’ve taken a calculated risk,” said Rishad Dadachanji, a director at Schott Kaisha that is in supply talks with around 10 vaccine makers at home and abroad.

It is increasing its annual manufacturing capacity by 300 million to 1.5 billion vials by November.

Reports said that rival firms SGD Pharma India and Piramal Glass were expanding their production base, or re-allocating manufacturing lines to focus on vials.

SGD plans to add 100 million units to its current capacity of 350 million glass vials, while Piramal says it can double its specialised vial capacity at just a month’s notice “to meet any unforeseen demand.”

Syringes

Others that are likely to benefit from an expected surge in demand are: pharmaceutical firms Dr Reddy’s Laboratories, Cadila Healthcare and Hetero; logistics company FedEx; cold chain storage specialist Snowman Logistics and Hindustan Syringes & Medical Devices, among others.

Hindustan Syringes says it will increase capacity by 42% to 1 billion units by the first half of next year. It has already shipped some 140 million syringes that disable themselves after one use for the global vaccine distribution program COVAX.

But because the Indian government has not yet signed any contracts with vaccine suppliers, some ancillary companies have been left guessing what kind of products they should prepare for as specifications may vary from vaccine to vaccine.

Sardar Akshay Singh, Vial maker SGD’s managing director, warned that a last-minute rush to secure vaccines for India could hit exports similar to the way officials stalled shipments of masks and sanitizers early in the pandemic to meet local demand.

“We have been feeding the government a lot of information but they’ve not come up with a plan so far,” said Sunil Nair, CEO of India’s biggest cold chain operator, Snowman.

The company’s ongoing expansion will nevertheless double its vaccine handling capacity to 200 million doses by March.

It operates some 500 trucks fitted with containers refrigerated by Carrier Global, has vendors on standby if more are required, and says it can deliver vaccines from production site to inoculation centres within hours thanks to its countrywide reach.

SII, which also has COVID vaccine tie-ups with U.S. biotech firm Codagenix, Novavax and Austria’s Themis, has scaled back production of shots for other diseases and is readying more cold rooms, buying more trucks and hiring more workers.

For DHL, the world’s largest courier and logistics company, vaccine transportation work has already begun in India. It recently brought in Russia’s Sputnik V vaccine for trials and says it will play a crucial role in exporting vaccines, and distributing them within the country.

“The next 12-24 months are going to be significantly exciting and there’s going to be a lot of capacity issues, but I think it’s a positive headache to have,” R.S. Subramanian, DHL Express India head said.

 

Reuters/ Olusola Akintonde

Amid outcry, Modi lays foundation of new parliament building

Emmanuel Ukoh
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Prime Minister Narendra Modi has laid foundations for a huge new Indian parliamentary building, the centrepiece of a grand but contentious redevelopment of New Delhi’s colonial-era core.

Critics say the 200 billion rupees ($2.7bn) that the Hindu-nationalist government is reportedly spending on the vast project could be better directed to fighting COVID-19 and repairing the pandemic-battered economy.

India is one of the worst-hit countries and has so far recorded more than 9.7 million infections and at least 141,000 deaths, according to Johns Hopkins University in the United States.

Modi, 70, also performed Hindu rituals at Thursday’s ceremony to kick off construction of the new parliament – a building meant to be the heart of the officially secular democracy of 1.3 billion people.

The project begins even as legal challenges make their way through the Supreme Court that could potentially scupper, or at least delay, the plan.

It also comes as tens of thousands of farmers, angry at new agricultural laws, blockaded the capital for a second week, in a major challenge to the authority of Modi and his reform agenda.

Project of a kind

Due for completion in 2022, when India marks 75 years of independence from Britain, the much larger new parliament will replace an old building that the government says is showing signs of “distress.”

Designed by British architect Edwin Lutyens in the early 20th century as the commanding centrepiece of the Raj, the area also comprises the grand Rajpath boulevard, the president’s residence, government offices, the national museum and the India Gate war memorial.

Modi’s overhaul of the sweeping, tree-lined and lawned vista will see it enclosed by rows of imposing new government buildings.

Some of the old parliament will be “retrofitted” and continue to be used for government business, while other buildings will reportedly be turned into museums. Some will be demolished.

 

 

 

Aljazeera/Olawunmi Sadiq

 

Oyo government trains public, private sector drivers

Emmanuel Ukoh
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0

Oyo State Government has organised a workshop on social responsibility, team building and conflict management for drivers in the State public and private transport sectors, focused on enhancing mutual relationship between the drivers.

While declaring open the 2-day workshop held at the International Conference Center, University of Ibadan, Ibadan, Governor Seyi Makinde, who was represented by the Deputy Chief of Staff, Mr Abdulmojeed Mogbonjubola, expressed his administration’s resolve to restore peace and security across the State by stamping out all forms of violence and lawlessness.

The Governor affirmed that the transport sector, being the hub of economic engagements in the State, deserved an enabling environment devoid of rancour and discord, noting that his commitment to issues pertaining to the transport sector was a key motivation for the establishment of the Park Management System (PMS) in the State.

The decision of government to introduce the PMS was necessitated by the leadership tussle that rocked the proscribed National Union of Road Transport Workers (NURTW) in the State and Governor Makinde revealed that the establishment of the PMS is actually paying off, as the hitherto frosty relationship between the government and drivers in the State’s public sector has improved greatly.

Makinde said, “This training could not have come at a better time, as this could be regarded as part of the Corporate Social Responsibility of the State government that had always embraced peaceful resolution of disputes amongst the various union members.

“I wish to reaffirm that this government will give priority to all and sundry irrespective of religious and political affiliation. I have been assured that the training programme will provide avenues for you to air your views and even grievances,” he stated.

Attitudinal change

Speaking on the essence of the training, the Commissioner for Establishment and Training, Professor Dahud Sangodoyin, expressed optimism that the workshop would help the drivers from both the public and private sectors to synergise in the interest of peace and development, saying there was a need for re-orientation and attitudinal changes which calls for drastic change in cultural values to engender good governance.

Sangodoyin said, “The Ministry’s decision to mount this training programme was as a result of the quest to create more informed mind among the road transport workers in the State, as well as drivers in the State public/civil service. Through the various topical issues to be discussed, our drivers in the State will be rebranded and contribute meaningfully well to the development of the State.”

He assured that at the end of the training, the participants would have gained knowledge driven by peace model in ensuring effective security system, as well as creating a seamless economy in the State.

Participants at the event

The acting Vice-Chancellor, University of Ibadan, Professor Babatunde Ekanola, in his goodwill message, thanked the government for providing the necessary environment for the premier University to perform its Corporate Social Responsibility to the people of the State.

Participants at the workshop include drivers in the employ of the state government, members of the PMS, drivers in private transport companies operating in the State and private drivers, among others.

The workshop, themed: “Social Responsibility, Team Building and Conflict Management in Oyo State Public Sector”, was organised by the State Ministry of Establishment and Training, in collaboration with the Centre for Human Resources Development (CHRD), University of Ibadan.

 

 

Emmanuel Ukoh

Lawmaker calls for development of Capital market

Mercy Chukwudiebere
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0

The need for Nigeria to develop the capital market in a bid to accelerate economic growth and tackle the infrastructure challenges bedevilling the nation, has again been emphasised.

Chairman House of Representatives Committee on Capital Market and other Institutions, Mr. Babangida Ibrahim stated this during a visit to the Lagos Commodities and Futures Exchange in Lagos on Wednesday.

Mr. Ibrahim said the lawmakers decided to visit the Exchanges to familiarise with their workings to provide legislative support where necessary.

Mr Ibrahim said; ”capital markets broaden access to economic prosperity by enabling the emergence of financially responsible citizens, accelerating wealth creation and wealth distribution, providing capital to Small and Medium Scale Enterprises (SMEs), and catalysing housing finance.”

He further stated that capital market is a critical sector that contributes to macro-economic and financial system stability by fostering the diversification of economies and raising their capacity to absorb volatile capital flows.

“Our purpose is to visit most of the exchanges and understand how they operate and see if there is any parliamentary intervention we can provide. The only way to save the economy is through capital market activities” he stressed.

On the issue of unclaimed dividends, Mr Ibrahim said the National Assembly was committed to supporting investors in ensuring that they receive the benefit for investing in the capital market.

The Director General of the Securities and Exchange Commission, Mr. Lamido Yuguda described the development of a vibrant and efficient commodities trading ecosystem as a major driver of economic growth and development.

Mr Yuguda promised that the regulator is committed to working with the Exchange to grow the commodities market.

According to him, “This visit is a demonstration of the commitment both the legislative arm of government and the regulator have to the development of the capital market of which the commodities market is important

“We are impressed with what we have seen here today. We have engaged them for the past one year and are aware they have been working hard to make this exchange successful.”

”The SEC is willing  to work with LCFE to develop all the rules needed to realise the potentials of the country in the area of commodities trading and the responsibility of SEC is to ensure good market development, fair trading and investor protection. 

“We are working to get appropriate rules that will enhance the operations of the Exchange. In a bid to ensure the relevant standards required are approved by the SON, we are engaging them and pulling our weight to ensure increased visibility of our commodities in the international market…We need to get the foundation right and are ready to assist you in any way to ensure that we get this right, as this will lead to a more vibrant economy for us in the years to come,” he stated.

The Chairman of LCFE, Chief Onyenwechukwu Ezeagu said the need to fully realise the potential of the Nigerian Government’s drive towards the development of the agriculture and solid minerals sector and to tap the opportunities there of, brought about the initiative to establish a Commodities and Futures Exchange, which will be well positioned to support Government’s stride to create wealth and enhance flow of foreign currency.

Ezeagu said the Exchange would redefine practice standards of the Nigerian commodities ecosystem and give hope to producers of commodities who are constantly searching for ways to offload and improve on their commodities.

 

Mercy Chukwudiebere

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