The Securities and Exchange Commission has expressed its readiness to collaborate with the National Pensions Commissions to develop the commodities ecosystem.
In a statement issued on Wednesday, the Director-General, SEC, Mr Lamido Yuguda, stated this when the commission along with the Lagos Futures and Commodities Exchange held a meeting with Pencom in Abuja.
Yuguda, who was represented by the Executive Commissioner, Corporate Services, SEC, Mr Ibrahim Boyi, stated that the SEC was passionate about the commodities sector as it had enormous benefits for the economy of the nation.
Boyi said, “One of the key pillars of the capital market master plan is the development of the commodities ecosystem which gives our nation the opportunity to diversify both the capital market and the economy and also create more products.
“We have recorded a lot of successes in the sector so far and we see a lot of progress in the development of the sector. We are currently working with the Standards Organisation of Nigeria to develop standards that would make these our commodities acceptable in the international market. This would further boost our foreign exchange earnings and create wealth for our people.”
The Managing Director, LFCE, Mr Akin Akeredolu-Ale, said commodities exchanges were interested in exploring avenues for investing pension funds in the capital market.
Responding, the Commissioner, Technical, Pencom, Mr Anyim Nyerere, said the pension laws were not static but dynamic.
He added that the commission expected a comprehensive request to enable it expedite actions on the matter.
He expressed the desire of PenCom to work with relevant agencies to boost the economy and assured the SEC that PeCcom would work within available laws to support the commodities trading ecosystem.