…say it’s game changer for Nigeria’s economy
Following Federal Government’s move to improve the economy negatively affected by the ravaging Coronavirus, COVID-19 pandemic, commodity brokers have begged President Muhammadu Buhari to assent to the Charted Institute of Commodity Brokers of Nigeria (Est. etc) Bill, 2018, for stabilisation and growth of the economy.
The brokers explained that the right time to assent to the bill is now following the threat of the economy sliding into another recession, which will help turnaround the present predicament bedevilling the economy.
“It is our humble appeal and request to consider the Charted Institute of Commodity Brokers of Nigeria (Est. etc) Bill, 2018, which was graciously passed into law by the Eighth Assembly, and forwarded for your assent.
“The Chartered Institute of Commodity Brokers of Nigeria (Est. etc) Bill, 2018, was conceived to train and certify professionals as commodity brokers and merchants for the Agricultural; Solid Minerals; Oil & Gas sectors of the economy; and Currency Commodities in the bid to significantly contribute to the economic growth of Nigeria.
“The Commodity Brokers Association of Nigeria, CBAN, is a body of certified professionals comprising individual and corporate members authorized to deal in commodities on behalf of their clients and on their own accounts on the commodity exchanges in Nigeria.
“This organisation is to facilitate real price discovery, provide the access platforms for organized commodity trading in accordance with international standards that will change a lot of things in the commodities’ business along various value chains
“It is going to ensure the standardization of commodities and promote business tracking upon every transaction in commodity trades. There will also be provision for access to platforms for hedging and speculation within the commodity exchange
The brokers further stated that, “The institute is strategically positioned will ensure a fair and orderly market, fixing rules for trading, and dissemination of market information.
“H.E sir, it will interest you to know that as of today, the institute has over 800 certified members and about 120 Licensed Commodity Brokers, a figure that is shortfall of the potentials in undertaking commodities trading.
“Based on the strategic importance of this Bill we seek your assent, the time is now because it will go a long way to mitigate the impact of the novel Coronavirus, COVID-19 pandemic, currently impacting the economy and lives of Nigerians negatively.
“We, therefore, appeal to H.E to consider Bill for the overall interest of Nigerians and the economy as it will greatly promote non-oil revenue generation and contribute enormously to the Gross Domestic Product of the nation, because most Nigerians are in these sectors that are non-oil based that your administration is working on assiduously to ensure the mono-economic dependence on oil is broken and diversified, which demands professions from the Commodity Brokers Association of Nigeria, CBAN, to be in charge for seamless trade where it will be a win-win situation for all stakeholders.”
According to them, the Bill is the game-changer as far as diversification of the economy is concerned.
And concluded that, “H.E sir, we will be most grateful if the Chartered Institute of Commodity Brokers of Nigeria (Est. etc) Bill, 2018 is signed into law, especially this trying time of our economy.We believe it will be done as we anticipate your response to our humble request.”