07 February 2018, Sweetcrude, Abuja – The Federal Government will soon introduce new products into the Nigeria Commodity Exchange market as part of efforts to boost non-oil exports.
The Managing Director, Nigeria Commodity Exchange, Mrs. Zaheera Baba-Ari, who said this on Monday, noted that the new products would comprise of various contracts in the solid minerals sector.
She stated that the need to come up with the new products was borne out of the conviction that it would help support the non-oil sector to become a major export earner for the country.
She pointed out that the move would improve the marketing of artisanal mining products, leading to improved income for operators as well as revenue collection by government agencies at the local, state and federal levels.
Baba-Ari, according to a statement by the Head, Corporate Communications of the Exchange, Mr. Chris Echikwu, stated that the products were being developed with the support of solid minerals producing states in Nigeria.
The statement read in part, “The Nigeria Commodity Exchange is to collaborate with the Federal Ministry of Mines and Steel Development to introduce new products aimed at boosting the nation’s non-oil sector export earnings.
“The new products, which will comprise of various contracts in solid minerals products, are to be developed with the support of solid minerals producing states in Nigeria as well as resource persons from selected Nigerian universities.”
Baba-Ari, according to the statement, explained that the introduction of the new products would increase liquidity in the commodity exchange market.
This, she noted, would be in the form of availability of more tradable contracts on its trading floor for the benefit of investors.
“Another objective of the exercise is increased liquidity for the exchange in the form of availability of more tradable contracts on its trading floors for the benefit of investors,” she said.
The NCX provides facilities for registered commodity brokers to trade in commodities, financial instruments and their derivatives.