Economy
Commodities Exchanges Will Create Jobs, Facilitate Development – SEC DG
By Tony Obiechina, Abuja
Commodities Exchanges has been described as critical to enabling investment diversification, risk management, price discovery and transactional efficiency which will in turn create jobs and facilitate economic development among other benefits.
The Director General of the Securities and Exchange Commission Mr. Lamido Yiguda stated this at a one day stakeholders sensitisation workshop on commodities standards organised by the SEC in collaboration with the Standards Organisation of Nigeria in Kano, Thursday.
Yuguda stated that Commodities Exchanges have the potential to efficiently link commodities to industries thereby creating jobs, improving living standards and unlocking the economic potentials of farming communities, promoting rural development, enhancing financial inclusion of small holder farmers, and ultimately facilitating economic development, amongst other benefits.
He described the workshop as indeed timely considering government’s policy shift towards economic diversification and the need to deepen capacity across the agricultural value chain.
He said a thriving commodities trading ecosystem, with grading and standardization features, would ensure compliance with established grades and standards, eliminate or reduce the proliferation of sub-standard commodities in the markets, and encourage global acceptance of commodities produced in Nigeria, among other benefits.
According to the SEC Boss, the Technical Committee on Commodities Trading Ecosystem had in 2017, developed a Roadmap for the actualization of a vibrant commodities ecosystem. The Committee specifically identified the development of a grading and standardization system that will align with International best practice as an important precursor in achieving vibrancy in the ecosystem.
“I am happy to report that the Ecosystem Roadmap Implementation Committee has been working tirelessly on the development of a grading and standardization system. The initial stage of the development process would concentrate on delivery of standards for agricultural commodities.
“In this regard, we are working closely with the SON to create awareness for existing agricultural commodities standards, but more essentially to obtain feedback from stakeholders on the standards to be presented for consideration of stakeholders at this Workshop to trigger a review of inadequate standards if and where applicable.
In addition, Yuguda said the 10- year capital market master plan which is the blueprint for the growth and development of the capital market over the next decade, designates commodities exchanges ascritical for enabling investment diversification, risk management, price discovery and transactional efficiency.
He said efficient Commodities Exchanges coupled with a grading and standardization system that will align with International best practice are no doubt critical elements in achieving a thriving Commodities trading value chain.
“Commodities Exchanges offer significant value addition by providing a platform that improves confidence and assurance, as trading activities within the platform are conducted in a fair, transparent and efficient manner.
“In addition, commodities purchased through these Exchanges are guaranteed to comply with standards in terms of quality and weight.
“Nigeria strives to achieve a sustainably-diversified economy, food security and sufficiency, there is need for all stakeholders to ensure the effective adoption and enforcement of appropriate standards to establish quality, and reverse the embarrassing rejection of Nigerian-produced agricultural commodities outside Nigeria” he stated.
The SEC Boss assured that the Commission remains a strong advocate for a thriving commodities trading ecosystem adding, “believe, and very strongly too, that this is a project of national importance, given that an efficient commodities ecosystem can transform our economy by promoting economic diversification, and export promotion amongst others”.
In his remarks. The Director General Standards Organisation of Nigeria
Mallam Farouk Salim said the role and importance of commodity markets cannot be overemphasized in connecting both producers and consumers in a centralized liquid marketplace and for the economic growth of the nation.
Salim stated that countries with older and better commodity exchanges have historically gained economical advantage over others adding that in support of Nigeria’s readiness to key into the global sustainable commodity market, SON is ready to partner in areas where its services and products are needed including; development of new Standards and review of existing ones.
According to him, “Trading in agricultural produce among which are: Wheat, rice, corn, soybeans, maize, groundnut are growing steadily. There is no gain saying that ‘Without agricultural commodities, the world will starve’. This sector of the commodity market has thus become important in support of the economic diversification policy of the Federal Government.
“Commodity standards and grades provide a means for measuring levels of quality and value for agricultural commodities. These standards provide a basis for domestic and international trade and promote efficiency in marketing and procurement.
“ In connecting buyers and suppliers, the market ensures that the quality of the commodities exchanged is in accordance with the required guidelines which is none other than Standards. This you will all agree, is largely achievable with compliance to quality requirements specified in each commodity standard.
Salim assured that the SON is committed to ensuring that the primary objective of the commodity exchange to offer fair pricing to the producers and deliver genuine commodities to the consumers is continuously achieved through quality production based on conformity to applicable Standards.
In a message, Governor of Kano State Alhaji Abdullahi Ganduje said the state is at the fore front of enhancing agricultural activities in the state adding that there is also need to be able to reach out to the farmers in the languages they can understand to as to understand the importance of the program.
Represented by the Deputy Governor, Alhaji Nasir Gawuna, Ganduje expressed the need for the farmers to be familiar with the standards first before they can be encouraged to use it in packaging of their products.
Economy
Imo records over $1m from non-oil exports in 2025 – NEPC
The Nigerian Export Promotion Council (NEPC) says exporters in Imo generated a total of 1,244,095 dollars as proceeds from export trade in 2025.
The Imo Coordinator of the council, Mr Anthony Ajuruchi, disclosed this during a follow-up engagement with cocoa farmers in the state on Thursday in Owerri.
50 cocoa farmers and exporters in Imo received 30 cocoa seedlings each in 2025 as part of interventions to boost production for export.
Ajuruchi said the amount was derived from proceeds of both formal and informal export transactions carried out by the farmers within the 2025 fiscal year.
He commended the Executive Director of NEPC, Mrs Nonye Ayeni, and the management team for their support and commitment to the growth of the export market in Imo and across the country.
According to him, the council recorded notable achievements in 2025, including the organisation of capacity-building programmes on non-oil export, product packaging and labelling.
“In addition to our interventions for cashew farmers, we conducted trainings on product development and adaptation, export contracts, market penetration, product certification and export documentation procedures.
“We also trained about 600 exporters and small and medium-scale enterprises,” he said.
Ajuruchi said the engagement with the cocoa farmers was aimed at obtaining feedback and brainstorming on strategies to increase production and export volume in 2026.
One of the beneficiaries, Mrs Sophia Orji, said the cocoa seedlings she received were doing well and had started fruiting after 17 months.
Another farmer, Mrs Mary Okeke, said her cocoa plants were thriving and appealed to NEPC to extend similar support to farmers during the rainy season.
Also speaking, Mr Canice Nze, Director of Produce in the Imo Ministry of Trade, Commerce and Investment, urged the farmers to register with the ministry to enable them benefit from cooperative structures and access possible government grants. (NAN)
Economy
NCC, CBN Approve Refund Framework for Failed Airtime and Data Transactions
By David Torough, Abuja
In line with the consumer-focused objectives of the Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN), the two regulators have drawn up a framework to address consumer complaints arising from unsuccessful airtime and data transactions during network downtimes, system glitches, or human input errors.
The framework is the outcome of several months of engagements involving the NCC, the CBN, Mobile Network Operators (MNOs), Value Added Service (VAS) providers, Deposit Money Banks (DMBs), and other relevant stakeholders.
According to the NCC, these engagements were prompted by a rising incidence of failed airtime and data purchases, where subscribers were debited without receiving value and experienced delays in resolution.
“The Framework represents a unified position by both the telecommunications and financial sectors on addressing such complaints. It identifies and tackles the root causes of failed airtime and data transactions, including instances where bank accounts are debited without successful delivery of services. It also prescribes an enforceable Service Level Agreement (SLA) for MNOs and DMBs, clearly outlining the roles and responsibilities of each stakeholder in the transaction and resolution process,” a statement by Head of Public Affairs of NCC, Nnen Ukoha said.
Under the new framework, where a purchaser is debited but fails to receive value for airtime or data—whether the failure occurs at the bank level or with an NCC licensee—the purchaser is entitled to a refund within 30 seconds, except in circumstances where the transaction remains pending, of which the refund can take up to 24 hours.
The framework further mandates operators to notify consumers via SMS of the success or failure of every transaction. It also addresses erroneous recharges to ported lines, incorrect airtime or data purchases, and instances where transactions are made to the wrong phone number.
Director of Consumer Affairs at the NCC, Mrs. Freda Bruce-Bennett in a comment on the development said the framework also establishes a Central Monitoring Dashboard to be jointly hosted by the NCC and the CBN. According to her, the dashboard will enable both regulators to monitor failures, the responsible party, refunds, and track SLA breaches in real time.
“Failed top-ups rank among the top three consumer complaints, and in line with our commitment to addressing these priority issues, we were determined to resolve it within the shortest possible time,” she said.
“We are grateful to all stakeholders—particularly the Central Bank of Nigeria and its leadership—for their tireless commitment to resolving this issue and arriving at this framework, and for ensuring that consumers of telecommunications services receive full value for their purchases.
“So far, pending the approval of management of both regulators on the framework, MNOs and banks have collectively made refunds of over N10 billion to customers for failed transactions” she explained .
Mrs. Bruce-Bennett further noted that implementation of the framework is expected to commence on March 1, 2026, once the two regulators have made final approvals, and technical integration by all MNOs, VAS providers and DMBs is concluded.
Business News
Budget Office Defends Tax Reform Acts, Seeks Due Process
By Tony Obiechina, Abuja
The Budget Office of the Federation has reaffirmed the integrity of Nigeria’s newly enacted Tax Reform Acts, cautioning against what it described as governance by speculation and unverified claims following allegations of post-passage alterations.
In a statement on Wednesday, the Budget Office said it had taken note of concerns raised by the Minority Caucus of the House of Representatives, stressing that the sanctity of the law is central to constitutional democracy and not a mere procedural formality.
According to the Office, any suggestion that a law could be altered after debate, passage, authentication, and presidential assent without due process would strike at the core of the Republic and undermine citizens’ right to be governed by transparent and stable laws.
However, it warned that democratic integrity is also endangered by the careless amplification of unverified claims. “A nation cannot be governed by insinuation or sustained on circulating documents of uncertain origin,” the statement noted, adding that public confidence, once shaken by speculation, is often difficult to restore.
The Budget Office emphasized that both government and citizens share a common interest in truth, clarity, and due process, noting that public finance depends heavily on trust in the legality and clarity of fiscal laws. It welcomed the decision of the National Assembly to investigate the allegations, describing institutional inquiry, not conjecture as the appropriate response to claims of illegality.
On public access to the law, the Office agreed that Nigerians and the business community are entitled to clear and authoritative texts of all laws they are required to obey. It clarified, however, that the authenticity of legislation is determined by certified legislative records and official publication processes, not by informal or viral reproductions.
The statement also underscored the importance of separation of powers, warning that claims suggesting Nigeria is being governed by “fake laws,” if not backed by established facts, risk eroding confidence in democratic institutions.
At the same time, it stressed that legislative scrutiny should not be dismissed by the executive, noting that oversight is a constitutional duty, not an act of hostility.
From a fiscal perspective, the Budget Office said legal certainty is essential for revenue projections, macroeconomic stability, budget credibility, and investor confidence. While it is not the custodian of legislative records, it maintained that uncertainty around operative tax provisions directly affects economic planning.
To restore confidence, the Office proposed a set of measures, including the publication of verified reference texts in a single public repository, orderly access to Certified True Copies for stakeholders, clear public explanations where discrepancies are alleged, and strict alignment of all implementing regulations with authenticated legal texts.
Addressing calls for suspension of the tax reforms, the Budget Office cautioned against allowing prudence to slide into paralysis. It argued that properly implemented tax reform is necessary to reduce dependence on borrowing and inflationary financing, while easing indirect burdens on vulnerable citizens.
“Where clarification is required, it must be provided; where correction is required, it must be effected; where investigation is required, it must proceed,” the statement said, adding that governance and reform should not be stalled by unresolved conjecture.
The Office concluded by describing taxation as a democratic covenant that binds citizens and the state, insisting that compliance depends on transparency and trust. It called on political actors to protect institutions as much as positions, urging citizens and businesses to rely on verified sources and resist the spread of unauthenticated information.
The statement was signed by Tanimu Yakubu, Director-General of the Budget Office of the Federation, who reaffirmed the agency’s commitment to fiscal transparency, institutional integrity, and reforms that advance national prosperity while safeguarding citizens’ rights.


