Buhari Approves N50bn to Reposition Nigeria Commodity Exchange
BUHARI
The federal government has approved the sum of N50billion as investment to reposition the Nigeria Commodity Exchange (NCX).
Governor of the Central Bank Nigeria (CBN) , Mr. Godwin Emefiele who announced the approval by President Muhammadu Buhari said with this development, government has suspended the plans to privatise the exchange.
Speaking during the inaugural meeting of the Steering Committee (SteerCo) of the exchange , the CBN governor described
as unfortunate the arbitrage opportunities that the government had observed in the private sector arrangement that have been affecting food prices.
He said the President approved the repositioning of the commodity exchange to consolidate on government efforts to strengthen the agriculture value chain.
He said the commodity exchange has not been able to do much in catalyzing agriculture production as a result of structural challenges.
Emefiele identified some of the challenges as poor funding and investment, poor financial performance and deficiency in physical infrastructure, such as warehouses, laboratories and grading capability.
Members of SteerCo include representatives from Nigeria Sovereign Investment Authority (NSIA); Africa Finance Corporation (AFC); Ministry of Budget and National Planning; Ministry of Industry, Trade and Investment; and Ministry of Agriculture and Rural.
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