Commodity Trading: Nigeria Commodity Exchange Partners BIC To woo investors To Bauchi

Ayuba Mafi

 

The Nigerian Commodity Exchange (NCX) has urged prospective investors in Bauchi state and beyond to build more warehouses that will contain the massive agricultural products being produced in the state.

 

The General Manager, Corporate Communications and strategy of the Nigeria Commodity Exchange (NCX), Mr. Christopher Echikwu made this known during a meeting with farmers associations in Bauchi, particularly those in maize and Soya bean production at the BIC conference hall in Bauchi.

 

“As you may know, NCX was established by the federal government solely to facilitate trading in Nigerian Commodities between buyers and sellers so that the best aim can be achieved by those who are taking part in the transaction”, he said.

 

According to him, as a government agency that is empowered to handle trading in Commodities, NCX is not only concerned about Agricultural commodities alone, but also trading in solid minerals among others.

 

While describing Bauchi as being one of the most prolific centers for Agricultural production in Nigeria, the NCX GM said, “we know your strength is based on Soya beans, maize among others, Bauchi is number one there”.

 

The GM said his team was in Bauchi to try and assess its trading and take it to the next level by diligent work, adding that “by sincere collaboration, we will ensure that farmers in Bauchi make better returns”.

 

He also assured the farmers that NCX will ensure that their commodities, whether for local consumption or export will get to the desired consumers at the best prices as dictated by market forces.

 

“Some of you may know that we have warehouses in Bauchi already, we have about, in excess of 4000 metric tons of warehousing capacity now, but I will tell you that we will need far better than this because maize alone in Bauchi exceeds this existing warehouse”, he said.

 

“We are also hoping that investors in Bauchi and beyond will come into the provision of so many warehouses to handle the huge volume of trading that we intend to engender from this partnership with Bauchi Investment Corporation”, he added.

 

He assured that NCX will bring more efficient marketing to the commodities that are being produced in Bauchi in order to encourage farmers to Produce even triple of what they producing today.

 

“This because, once you have an assured off-takers, production will struggle to meet the envisaged increase in demand”, the GM said.

 

While commending Governor Bala Mohammed of the state for creating a business-friendly environment, the GM promised not to fail Bauchi state government with regard to the confidence reposed in NCX.

 

Speaking earlier, the Group Managing Director (GMD) of the Bauchi Investment Corporation (BIC), Elder. Muhammad Sani Attahir said that the Corporation is an independent Agency of government that deals with policy implementation on industrialization and investment have been a reference point for prospective investors.

 

Attahir said the Corporation had decided at the onset of the COVID-19 pandemic, to diversify some of her investment portfolios in the capital market to the commodity market trading in response to global economic trends, adding that the world is making a significant shift from the capital market to community market.

 

While appreciating the NCX for considering his Corporation in partnership, the GMD pledged never to make NCX and all stakeholders in the Commodity trade sector regret putting their trust in them.

 

Also speaking, the Secretary of Soya beans marketers and farmers association of Nigeria, Shafi’u Mohammed Rilwanu thanked the organizers of the interactive meeting.

 

He said that the meeting has created an avenue for them to showcase their achievements and the challenges of the business.

 

“In most cases, you find that the farmers have produced many large quantities of the Commodity but faces serious challenges when it comes to storage”, he said.

 

According to him, they are glad that NCX has assured them of adequate measures towards protecting their farm produce in such a way that the farmers determine the prices for their goods.

 

During the meeting, the Bauchi Investment Corporation was officially conferred with the title of “Dealing Member” by the Nigeria Commodity Exchange (NCX).