Economy
SEC, SON Harp on Standardisation of Commodities to Boost GDP
The Securities and Exchange Commission (SEC) has stressed the need for standardisation of the country’s commodities to enhance global acceptance and boost the Gross Domestic Product (GDP).The Director-General of SEC, Mr Lamido Yuguda, said this at the Commodities Standards Sensitisation workshop organised by the commission in partnership with the Standards Organisation of Nigeria (SON) on Monday in Lagos.
Yuguda said that the Federal Government drive to achieve a sustainably diversified economy would be achieved by ensuring adherence to standards to boost the country’s competitiveness in the global market. According to him, the establishment of relevant standards will significantly transform the Nigerian commodities trading ecosystem.“As Nigerians strive to achieve a sustainably diversified economy, given the current drive to guarantee food security, there is an urgent need for more complementary comforts from the government, regulators and critical stakeholders to ensure the approval and effective adoption of appropriate local standard benchmark against international practice to establish quality and reverse the unwarranted situation of perennial rejection of the Nigerian produced commodities,” he said. Yuguda, represented by the Executive Commissioner Operations, SEC, Mr Dayo Obisan, said the unique feature of the commodities exchange globally was the standardisation of the commodities traded on the platform. He noted that each commodity traded on the exchange was graded by quality, size, weight and other criteria.Yuguda said that the determination of these grades and standards was dependent upon improved local standards which would take into cognizance internationally accepted standards.
He noted that SON had the statutory responsibility for standard setting in Nigeria
In recognition of this fact, he said that the Executive Management of the Commission, on behalf of all stakeholders, engaged with the management team SON, to ensure the expedited approval and publication of standards commodities.
He observed that the establishment of relevant standards would significantly transform the Nigerian commodities trading ecosystem.
“Sequel to that engagement, the ecosystem roadmap implementation committee comprising key stakeholders has been working on the development of grading and standardisation system.
“The initial stage of the development process will concentrate on delivery of standards for agricultural commodities,” he said.
The director-general disclosed that SEC was working with SON to create awareness for existing agricultural commodities standard.
“We strongly believe this is a project of national importance, given that commodities exchange value chain has significant value and can transform our economy.“It is, therefore, my expectation for this workshop and other stakeholders’ engagement to serve as a rallying point for inclusive standards development process.“As the ecosystem is driven towards standardisation, the broader society will be impacted for greater prosperity,” he said.Yuguda recalled that SEC, as part of the implementation of the 10-year capital market masterplan, constituted a technical committee in commodities trading ecosystem.He said that the mandate of the committee was to identify challenges with the existing framework and develop a roadmap for a vibrant ecosystem.In his remarks, SON Director-General, Malam Farouk Salim, said that the organisation was willing to collaborate with relevant stakeholders.He said that this was to ensure that the development of standards follow the best international principles of standard development.Represented by Dr Omolara Okunlola, Head Food Group, Salim said the organisation, in line with its mandate, would continue to promote standards and ensure it followed international principles. He said that SON would continue to promote confidence of Nigerians in Nigerian produce and ensuring that SON in line with the Federal Government various policies were developed in such areas.“For the first time in history, we have the strategy already outlined under the Nigerian National Standardisation Strategy. If you go through the strategy, you can see we have listed out standards to be developed.“Under the agriculture, we have energy, transport, industry, a focus on SMEs, we also have for the health sector.“The strategy is a living strategy, as policies from the government come up, we try to update the strategy,” he said.Speaking on rejection of Nigerian produce outside the country, Salim said that rejection of produce was not due to lack of standards but non-compliance to standards.“If you want to export any produce, try to contact SON; we have 42 offices presently in Nigeria.“So, when you get to know what you really need in relation to that produce you want to export, it will reduce rejection.“Our standards are based on international best practices, we are custodian of the standards but standards are developed by the populace, not by us.“We are just given the mandate to be in custody of those standards, make sure that when you want to develop it, get everyone, as many people that are interested, as many stakeholders we can identify, we contact them and we follow those principles,” Salim added.He listed the principles as transparency, openness, stakeholders involvement and concensus.The Chairperson of the Commodities Trading Ecosystem Implementation Committee, Ms Daisy Ekineh, also spoke at the event.She said that with the strong global push for green economies and a net zero carbon emission, the era of fossil fuel in powering development was fast coming to an end.Ekineh explained that for an oil dependent economy like Nigeria, “it is a race against time to effectively diversify the economy.”She said there was no doubt that efforts were on-going in this direction as evidenced by the various policies and programmes of government and the increasing contribution of the non-oil sectors to GDP which now exceeds 90% of GDP.“The progress is commendable. Nonetheless, efforts need to be invigorated to speedily diversify the economy in all respect, for while the oil sector has shrunk in its contribution to GDP, it remains quite dominant in foreign exchange receipts and export trade.“The economy is in other words, still mono product in some respect and significantly lacking in export diversification.“The nation’s import requirements, its foreign reserve build – up and budget funding are still largely dependent on crude oil receipts.“This is clearly not sustainable and a major risk factor of the economy; being vulnerable to the vagaries of the global oil market.“The solution lies in the development of non- oil commodities like agriculture and solid minerals which can have significant multiplier effect on the economy.“If well developed, these sectors can provide steady industrial raw materials, create jobs, bolster export earnings and reduce demand for foreign exchange and generally facilitate industrial development, particularly the manufacturing sector,” she said.Ekineh said the value chain for the commodities sector was quite huge and each aspect of the chain, creates its own sub value chain which in itself could significantly impact the economy.She, however, said that the nation could not optimally develop the commodities sector and its export trade without setting acceptance standards and grading for tradable commodities, be they for industrial use, export or otherwise.Ekineh added that such standards should be reviewed periodically and aligned with global best practice for international acceptability and export promotion.“Standards and grading create trust, provide safety assurance and promote the integrity of the commodities market/sector as participants know exactly what the quality of a commodity is and can without doubt, purchase particular grade of commodities which suit their purpose. In other words, they know and have the assurance of what they are buying” she added. One of the particpants, Mr Mohammed Awami, Head, Trade Finance Department, Nigerian Export-Import Bank (NEXIM), said that the importance of standards could never be over emphasised. “Standards setting are very important, without good standards, market access become very challenging, ” Awami said. He commended SEC and SON for organising the workshop aimed at enhancing economic growth and development. (NAN)
The Nigerian Exchange Ltd. (NGX) market capitalisation declined further on Wednesday by 0.12 per cent or N68 billion, following selloffs in Tier-one banking stocks.
The market capitalisation, which opened at N56.898 trillion, closed at N56.830 trillion.
The All-Share Index also shed 0.
12 per cent or 121 points to settle at 100,365. 17, compared to 100,486.12 recorded on Tuesday.Consequently, the Year-To-Date (YTD) return declined to 34.
23 per cent.Sell pressure in FBN Holdings, Guaranty Trust Holding Company (GTCO), United Bank of Africa (UBA), Access Corporation, Fidelity, among other declined equities, were the main drivers of the negative performance.
Meanwhile, the market breadth closed negative with 21 losers and 18 gainers on the floor of the Exchange.
Secure Electronic Technology Plc led the losers’ chart by 9.43 per cent to close at 48k, RT Briscoe followed by 8.22 per cent to close at 67k per share.
UBA lost 5.07 per cent to close at N21.22, Livestock shed 4.56 per cent to close N2.30, United Capital dropped 4.27 per cent to close at N37 per share.
On the other hand, International Breweries and Sovereign Trust Insurance led the gainers’ chart by 10 per cent each to close at N4.07 and 55k per share respectively.
Deap Capital Management and Trust Plc gained 9.80 per cent to close at 56k, The Initiative Plc rose by 7.50 per cent to close at N2.15.
FCMB appreciated by 5.26 per cent to close at eight Naira per share.
On market activities, trade turnover settled higher relative to the previous session, with the value of transactions up by 137.35 per cent.
A total of 497.84 million shares valued at N8.61 billion were exchanged in 8,412 deals, against, 280.92 million shares valued at N3.63 billion exchanged in 8,403 deals posted in the previous session.
First City Monument Bank(FCMB) led the activity chart in volume with 133.92 million shares valued at N1.4 billion, Access Corporation followed by 72.82 million shares worth N1.41 billion.
Zenith Bank sold 60.06 million shares worth N2.19 billion to lead the chart in value, UBA transacted 29.08 million shares valued at N639.55 million and Universal Insurance traded 22.92 million shares worth N7.68 million. (NAN)
The Speaker of the House of Representatives, Rep. Tajudeen Abbas, says Nigeria can empower youth and women in Agriculture with the development and implementation of bankable business proposals.
Abbas said this at the Second Interactive Session and Workshop on Developing Bankable Business Proposals/Business Plans for Youths and women in Agriculture on Monday in Abuja.
The Speaker, who was represented by his Deputy, Rep.
Benjamin Kalu, said youth and women are the most vital demographics in the society.The event was organised by the African Development Bank (AfDB) Group.
While acknowledging the bank and its partners for their contribution and interventions in the sector, Abbas said the need to diversify Nigeria’s economy could not be over emphasised.
According to him, our over-reliance on oil as primary resource has become neither sustainable nor profitable as the global community shifts towards greener, more sustainable energy sources.
“This reality makes it not just necessary, but urgent for us to explore and invest in alternative sectors.
“By focusing on developing and implementation of bankable business proposals, we can empower our youth and our women, to become key players in these sectors.
“Their active participation is not only essential for economic diversification, but also for ensuring food security and sustainable development through agriculture and technological advancements through high safety,” he said.
Abbas recognised AfDB’s hi-5 priorities to empower, feed, industrialise, integrate and improve the quality of life for the people of Africa.
He expressed the commitment of the legislators to support youth and women development through various projects and programmes.
He urged for more collaboration of the AfDB and other stakeholders to advance initiatives that could drive significant progress in the country and across the continent.
“Through this, we will certainly build a better, more resilient future for Nigeria and for the world,” he said.
Earlier, the Minister of Agriculture and Food Security, Sen. Abubakar Kyari, said any workable concept on youth and women in agriculture would contribute to sustainable agricultural development across the continent.
Kyari said the country was committed to work closely with bilateral and multilateral development partners, in advancing the engagement of youth and women in agriculture.
“Notably, agriculture remains the singular sector with the highest potential for mass job creation.
Youth participation will further bridge the gap for aging farm population.
“It will take development back to the rural communities, cause a significant improvement in production and overall productivity and offer a veritable platform to accentuate the poverty reduction drive of government,” he said.
Kyari said President Bola Tinubu’s Renewed Hope Agenda for Food Security was poised to change the narrative of agriculture of a way of life.
“And agriculture as a wealth creating sector with sustainable, marketable, and bankable business prospects for youth and women engagement.’’
Similarly, the Minister of Youth Development, Dr Jamila Ibrahim, said it was crucial to build capacity of youth and women to see agricultural beyond subsistent but as an enterprise.
Ibrahim expressed the commitment of the ministry to work with stakeholders to co-create initiatives to support women and youth.
“We are open to working with partners to strengthen what we are doing. By doing so, we will build a brighter future for Nigeria,” she said.
For the Minister of Communications, innovation and Digital Economy, Dr Bosun Tijani, innovation is key to solve most challenges we face in Nigeria and the continent.
Tijani said that this innovation could not be done without including the young people including women, thus the need to invest in them.
Also speaking the Director-General, West Africa Region of AfDB, Mr Lamin Barrow, said the event was part of activities to celebrate the bank’s 60 years anniversary.
According to the director-general, Africa’s progress will be driven by young dynamic workforce, thus the importance to boost investment in them.(NAN)
The Securities and Exchange Commission (SEC) has approved the commencement of the N351 billion rights issue capital raising programme of Access Holdings Plc.
A statement made available by the Holdings to newsmen on Sunday in Lagos confirmed this.
The group said that the approval marked a significant milestone in its previously announced capital raising programme, which aimed to generate up to $1.
5 billion.It also said that the rights issue was strategically structured to boost Access Holdings’ financial position and support ongoing working capital needs.
According to the holdings, the programme will also provide funding for organic growth across its banking and non-banking subsidiaries.
“The approved rights issue offers 17,772,612,811 ordinary shares of N0.50 each at a price of N19.75 per share.
“The offer will be issued on the basis of one new ordinary share for every two existing ordinary shares held as of June 7, 2024,” it said.
The lead issuing house for Access Holdings’ rights issue is Chapel Hill Denham Advisory Ltd., while Atlas Registrars Ltd. will serve as the Registrars to the offer.
The offer will open on July 8 and close on Aug. 14.
It noted that the rights circular would be distributed to shareholders by Atlas Registrars Ltd., and application forms would also be available on its various websites.
The holding company advised its shareholders to contact their stockbrokers for more details about the offer.
Access Holdings said that it remained committed to its strategic vision of expanding its footprint and delivering exceptional value to all its stakeholders.
It noted that the successful execution of the rights Issue would further solidify the group’s position as a leading financial services provider in Africa and beyond.(NAN)
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