The Federal Government is repositioning the Nigerian Commodities Exchange into a commercially viable platform for delivering efficient pricing of Nigeria’s agric produce, among others.
The government has also stopped the current plan to privatise the NCX, given the unfortunate arbitrage opportunities which it noticed in the private sector arrangement, which had become an obstacle in moderating food prices in Nigeria.
The Governor, Central Bank of Nigeria (CBN), Godwin Emefiele, said this during the inaugural meeting of the steering committee for the repositioning of the NCX on Thursday.
In a statement from the CBN, Emefiele said the Federal Government along with the CBN had implemented several intervention schemes in the agriculture and manufacturing sectors, aimed at boosting employment generation and wealth creation, reducing dependence on imported food items, conserving foreign exchange earnings, and spurring economic growth.
Notwithstanding the gains that had been achieved, he said, there were still significant challenges within the Nigerian agricultural commodities value chain that would need to be addressed, in order to accelerate investment and productivity in the sector.
Speaking on the restructuring approved by the Federal Government, Emefiele said, “That CBN, as majority shareholder of NCX, should collaborate with Nigeria Sovereign Investment Authority and Africa Finance Corporation, under the Infraco Structure, to develop and implement a strategic repositioning plan for the NCX to make the NCX an efficient world class Commodity exchange.
“The formation of a steering committee chaired by the CBN governor and including representatives from NSIA and AFC as well as the federal ministries responsible for finance, budget and national planning; industry, trade and investment; and agriculture and rural development, to oversee the implementation of this strategic plan.
