The Securities and Exchange Commission has said the nation’s commodities market’s potential is yet to be fully harnessed for the country to enjoy the benefits therein. The acting Director General, SEC, Ms Mary Uduk, while speaking to members of the Commodities Trading Ecosystem Implementation Committee in Abuja on Friday, described the commodities market as an integral part of the economy, according to a statement.

She stated that there were a lot of benefits in promoting commodity exchanges and the ecosystem in general, as “they provide a transparent pricing mechanism, promote attractiveness of agribusiness, foster financial inclusion and improve quality of agricultural output and profitability as well as government revenue.” According to her, a more organised commodities exchange market in the country would enhance efficiency and lead to economic growth and development.

Uduk noted that the commodities trading ecosystem implementation committee, made up of the Nigerian Export-Import Bank, the Nigeria Incentive-based Risk Sharing System for Agricultural Lending, the Central Bank of Nigeria, the Chartered Institute of Stockbrokers, and the FMDQ, among others, had been mandated to implement recommendations of the report of the technical committee on commodities trading ecosystem.

Ms Daisy Ekineh, who led the committee, commended SEC for its efforts towards ensuring a vibrant commodities ecosystem in Nigeria. She said the committee had developed a road map for educating and enlightening all stakeholders to enable them to understand the responsibility of each stakeholder.

Meanwhile, SEC has included the Bank Verification Number as a valid means of identification of individual clients in the capital market.

In its new rule and sundry amendments to the rules and regulations of the commission, which was released on Friday, SEC said, “The BVN is an amendment (creation of a new sub-rule: section 46(2)(b), which states that ‘The capital market operator may use the Bank Verification Number as a means of verifying information provided by the clients.’ It also revised the guidelines applicable to capital market operators registered as investment advisers.

In addition, SEC issued a new regulation on green bonds, stating that before a project could be considered or qualified as a green project, its money should be invested in one or more of renewable and sustainable energy, clean transportation, sustainable water management, climate change adaptation, energy efficiency, sustainable waste management, sustainable land use, biodiversity conservation, green buildings and any other category approved by the commission from time to time.

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