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How commodity market, exchange can develop agricultural sector – Osinbajo

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Vice President Yemi Osinbajo has said that there is a need to focus on developing our agricultural value chain, particularly the business of guaranteeing the creation of a proper commodity market with the right logistics that would be mutually beneficial to farmers and consumers.

He made this assertion on Monday while receiving a delegation from Gezawa Commodity Market and Exchange, a Kano State based private company that provides a specialized organized market, operating efficient transaction and delivery of agricultural, solid minerals, and energy-based commodities. The delegation was led by the Managing Director of the company, Mr. Muhammad Rabi’I Elyakub.

Prof Osinbajo stated that “we need all the focus that we can on developing our agricultural value chain, especially the business of ensuring that we create a proper market so that there is value,” adding we must make sure that “we are able to resource that chain well.”

The VP acknowledged that in Nigeria, “we are top producers of so many different agricultural products as well as minerals.

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“It is in adding value, ensuring the value chain works effectively, ensuring that we can process, store and trade, that’s really where the missing link is.”

Elaborating on the importance of the agricultural value chain, Prof Osinbajo reiterated that “I don’t know of any society that has been able to develop the whole value chain from farm to table without a very vibrant commodity exchange.”

He lauded the idea of a private commodity exchange noting that “a private commodity exchange is very important. I am a strong believer in the private sector’s involvement.”

Prof Osinbajo then commended the commodity company for having made “very quick progress in a very short time,” adding that the company has covered substantial ground.

He continued, “I’m impressed with what you have done so far. I think the idea is that there is only one way to make agriculture profitable for the average farmer and that is by creating a market that is systematic and recognizes value and you can’t do that without establishing a proper market.”

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While giving a presentation, the Chief Financial Officer of Gezawa Commodity Exchange, Dr. Abdullahi Ya’u highlighted the importance of having a commodity exchange market.

He stated that without an exchange “it would take Nigeria ages for the farmers, producers, traders in commodities to discover their potential, but with the exchanges, we can be easily globally seen and standardize based on international best practices. I believe this is one of the core anthems of this government.”

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