Strong policies needed to stimulate commodities trading

The Managing Director, Nigeria Commodity Exchange, Mrs Zaheera Baba-Ari, has said there is a need for strong government policies to stimulate the level of trading on the commodities exchange market. Baba-Ari, who spoke with our correspondent in Abuja, also noted that the Commodity Exchange Bill, when passed into law, would boost farmers’ revenues. She said commodity exchange held the key to the diversification of the economy, adding that it would be difficult for farmers to get the right pricing for their products without the exchange. She noted that other commodity exchanges in the world were thriving because of strong government policies. Baba-Ari said the bill, which was first drafted by the agency in 2007, would also enable farmers to access loans from banks to increase their productivity. She blamed the high prices of agricultural products in the country on activities of middlemen, noting that many farmers would not get the adequate value for their produce except something was done about the development. Baba-Ari said, “The exchange provides a platform to enable people to buy and sell by giving them the real price for their commodities. Read More: