The Securities and Exchange Commission has stated the need to reduce the substandard commodities in the market and encourage global acceptance of commodities produced in Nigeria.
Executive Commissioner Operations SEC, Mr. Dayo Obisan stated this during a Commodities Standards Sensitisation Workshop held in Lagos Monday.
Obisan said that it is globally recognized that the unique feature of the commodities exchange is the standardization of the commodities traded on the platform as each commodity traded on the exchange is graded by quality, size, weight and other criteria.
He said however that the determination of these grades and standards is dependent upon improved local standards which will take into cognizance internationally accepted standards.
“On that note and in recognition of the fact that the statutory responsibility for standard setting in Nigeria lies in the Standards Organization of Nigeria. The Executive Management of the Commission on behalf of all stakeholders engaged with the management team of the Standards Organization of Nigeria, to ensure the expedited approval and publication of standards commodities.”
“As the establishment of relevant standards will significantly transform the Nigerian commodities trading ecosystem. Sequel to that engagement, the ecosystem roadmap implementation committee comprising key stakeholders has been working on the development of grading and standardization system.
