The Securities and Exchange Commission (SEC), says it is working on developing standards to push commodities globally.
Lamido Yuguda, the director general of SEC disclosed this on Tuesday during a meeting with the Pension Commission (Pencom) in Abuja.
The commission said it’s willing to work with the National Pension Commission (PenCom) to help deepen the commodities ecosystem.
“We have recorded a lot of successes in the sector so far and we see a lot of progress in the development of the sector,” Yuguda said.
“We are currently working with the Standards Organisation of Nigeria, SON, to develop standards that would make our commodities acceptable in the international market.
“This would further boost our foreign exchange earnings and create wealth for our people.”
The director general also added that the commission is passionate about creating guidelines for investor protection.
“We are committed to creating the rules that will ensure investor protection,” he said.
“It is a strategic focus for us to deliver one of our key mandates which is market development that will lead to economic development. Our focus remains market integrity, market fairness and investor protection.”
Speaking earlier, Akin Akeredolu-Ale, managing director of Lagos Commodities and Futures Exchange (LFCE), said he was delighted that the SEC is spearheading the moves to further boost the utilisation of pension funds in the market.
He also called for the investment of the commodities sector for economic growth.
“The primary part of our economic raw materials is crude oil. If you don’t capitalise the primary sector, the manufacturing sector will suffer, same as the service sector,” he added.
“SEC has made provisions for the PFAs (Pension Funds Administrators) to invest in the commodities sector and this is expected to catalyse our economy and spur growth.”
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