Sunday, 21 July 2019

INSTITUTE OF EXPORT AND COMMODITY BROKERS OF NIGERIA CALLS FOR ESTABLISHMENT OF COMMODITIES EXCHANGE CENTRE

The Institute of Export and Commodity Brokers of Nigeria has thrown its weight behind the establishment of a commodities interchange centre to bring farmers, export merchants, off takers and brokers together.

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According to the institute, this will be likened to the Baltic Exchange of the United Kingdom that exists in every state of the federation.

It stated that the Baltic Exchange handled discussions around international prices, quality required of each product, policies and law binding on each of the commodities and sources of assistance available to farmers and exporters with mode of accessing it.

The President of CIECOBON, Dr. Ayobami Omotoso, during his investiture as the third president of the institute, said the global market was open to intending exporters.

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While speaking on the theme, ‘Promoting export and demoting import’, Dr. Omotosho said the success of Nigeria in the past was achieved through export, cooperative formation and self-discipline of the leaders with focus on development.

“Therefore the same success can still be achieved if all hands are on deck to grow the Nigerian commodity market. Now that the commodities production is growing, I am of the opinion that there should be an interchange point which may be known as Nigerian Commodities Interchange Centre where farmers , export merchants, off takers and commodities brokers would be meeting like the Baltic Exchange of the United Kingdom in every state of the federation to discuss international prices, quality required of each product, policies and law binding on each of the commodities and sources of assistance available to farmers and exporters with the mode of accessing it,” he said.

The Registrar of the institute, Adeshina Adenuga, recalled that the need to have a professional body to regulate shipping and export in Nigeria came during a conference in the 80s.

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Adenuga said, “The conference established the need for Nigeria to have her own institute that would look into the Nigerian maritime background, trade relations and availability of most of the commodities in the international market.” (Punch)

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