The National Assembly has assured the Nigeria Commodity Exchange (NCX) of commitments to formulate quality legislation that will give more impetus to the activities of the exchange to foster more economic growth and development of the country.
The resolution was reached in Abuja by the House of Representatives’ Committee on Capital Market and Institutions at a two-day capacity building on the workings and activities of the Nigeria Commodity Exchange.
The Committee’s chairman, Tajudeen Yusuf, said the training was apt as it would enable lawmakers to make informed budgetary decisions about the agency, especially at this time that Nigeria was placing more emphasis on the diversification of its economy.
“As you know, your agency needs more money and legislative backing to excel in your endeavour. With these quality presentations and insight into what the exchange is doing, you will definitely get our support for the overall benefit of the country,” Yusuf said.
“Without enough money through budgetary provision, the silos will not serve the purpose it was meant for,” the lawmaker added.
Some members of the committee, who participated in the two-day programme while acknowledging the importance of the NCX to the economic diversification agenda of the President Muhammadu Buhari’s administration, agreed to ensure that the ninth assembly as a matter of urgent national importance would formulate bills to enhance the status of the exchange.
Zaheera Baba-Adi, managing director, NCX, who was represented by the general manager, Operations, Benson Lawal, assured the lawmakers of the exchange readiness to work with the National Assembly towards changing the face of the commodity market operation in the country.
“We as NCX will do all that we could to win the support of the National Assembly for improved budgetary allocation and quality legislations to aid our work as it is obtainable in other parts of the world.
“The essence of this capacity building is to expose the lawmakers to the key roles NCX is playing in moving Nigeria away from its long dependence on (oil) monolithic economy to a non-oil economy by supporting President’s economic diversification agenda through exchange,” he said.
The two-day capacity building programme came to a close with assurances from both parties for a smooth and cordial relationship to drive the nation’s economy forward.
