Do you know that some good agricultural produce by Nigerian farmers cannot go outside of Nigeria. It is because farmers have failed to follow standard procedure.
As a result of this negligence, Nigeria is recording huge losses.
This situation has lingered for so long, reducing the expected huge contributions of the agricultural sector to the nations gross domestic product (GDP) earning.
Nigeria needs that foreign exchange now more than ever before.
It is for this reason that Securities and Exchange Commission (SEC) is collaborating with the Standard Organisation of Nigeria (SON) to develop standards for commodities.
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The Director General of SEC, Lamido Yuguda, in a statement, said there is need to standardise exportable commodities so that they can contribute to the growth of the economy.
Export Can Grow Nigeria’s Economy
Yuguda believes that agricultural produce that are of exportable standards and quality have the capacity to grow the country’s economy significantly in the near future.
Also, it will provide jobs and to the nation, foreign exchange earnings.
According to Yuguda, the collaboration will help to create standards that will expose agricultural produce from Nigeria to different markets all around.
Furthermore, these standards will pave the way for the export of these products to the international market and in turn, boost the Nigerian economy.
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He said: “The commission is pleased about the new government’s mention of supporting the commodities sector. It will further boost SEC’s efforts at developing the sector”.
The SEC boss noted that the commission had been working strenuously to “encourage players in the agricultural commodities and help them understand that this is a market that has a lot of potential for Nigeria”.
