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'Commodity Exchange Backbone to Agric'

NIGERIA - Daily Trust (Abuja)

August 25, 2006
Posted to the web August 25, 2006

Agriculture and Rural Development Minis ter Adamu Bello has said the Commodity and Exchange Commission will serve as a backbone to the agricultural sector. Bello told the News Agency of Nigeria (NAN) yesterday in Abuja that the commission would complement the role being played by other organisations to develop the sector.

The minister said that the commission would give development and supportive backing to the various segments of the agriculture sector. Bello said the commission would link farmers, commodity buyers, brokers, middlemen and regulatory bodies as well as stabilise the fortunes of the farmers. The commission, he added, would expose farmers to the international market, play a vital role in controlling quality and pricing of produce and the marketing. The Managing Director of the Arable Crops Development and Marketing Company (ACDMC), Malam Madibbo Chiroma, said that the commission would restore the confidence of investors and farmers in the commodity market. With the innovation, farmers would be able to have value for their hardwork in order to live a better life, he added. "This market would work like magic because by the time the farmers start living a good life in the rural areas, it won’t interest them to move to the cities again," he said. He said that activities in the market would check the excesses of the shylock buyers who under priced farm produce. Chiroma said that the commission would serve as a ware house for farmers to deposit their commodities for trading on the floor of the house. The enactment of the investment and securities Act of 1999 gave legal backing to the establishment of the commodity exchange in the country. (NAN)
category:  politique agricole
author:  Daily Trust (Abuja)
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date:  31 Aug '06

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