General News
SEC, Others Harp on Global Acceptance of Nigeria’s Commodities
The Securities and Exchange Commission (SEC), among other stakeholders have demanded improved standard of locally produced commodities and take into cognizance internationally accepted standards.
Speaking at a commodities standards sensitisation workshop held in Lagos, the Executive Commissioner Operations SEC, Mr. Dayo Obisan called on the need to reduce the substandard commodities in the market and encourage global acceptance of commodities produced in Nigeria.
The SEC as part of the implementation of the 10-year capital market masterplan, constituted a technical committee in commodities trading ecosystem. The mandate of the committee was to identify challenges with the existing framework and develop a roadmap for a vibrant ecosystem.
However, 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.
According to him, “in recognition of the statutory responsibility of standard setting in Nigeria lies with 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.
“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.
The initial stage of the development process will concentrate on delivery of standards for agricultural commodities.
“In this regard, we are working with the SON to create awareness for existing agricultural commodities standard but more essentially to obtain feedback from you the stakeholders on the standards to be considered in this workshop and initiate a view of inadequate standards applicable.”
Obisan said the SEC remains a strong advocate for a thriving commodities trading ecosystem. We strongly believe this is a project of national importance, given that that commodities exchanges value chain has significant value and can transform our economy.
According to him: “As Nigerians thrive to achieve a sustainably diversified economy, given the current drive to guarantee food security, there is an urgent need for more complementary efforts from the government, regulators and critical stakeholders to ensure the approval and effective adoption of appropriate local standard benchmark against international practice to establish quality and reverse the unwarranted situation of perennial rejection of the Nigerian produced commodities.
“It is therefore my expectation for this workshop and other stakeholders’ engagement to serve as a rallying point for inclusive standards development process. As the ecosystem is driven towards standardization, the broader society will be impacted for greater prosperity”.
In his remarks, Mallam Farouk Salim, Director General of SON, said that the organisation is willing to collaborate with relevant stakeholders in ensuring that the development of standards follows the best international principles of standard development as this would lead to improved lives of Nigerians.
Represented by Dr. Omolara Okunlola, Head Food Group, Salim said the organization is ensuring it promotes confidence of Nigerians in Nigerian produce and ensuring that SON in line with the various Federal Government policies, develops standards in such areas.
“For the first time in history, we have the strategy already outlined under the Nigerian national standardization strategy. If you go through the strategy, you can see we have listed out standards to be developed, under agriculture, energy, transport, industry, a focus on SMEs, we also have for the health sector. The strategy is a living strategy, as policies from the government come up, we try to update the strategy “she stated.
Also speaking, Chairperson of the Commodities Trading Ecosystem Implementation Committee, Ms. Daisy Ekineh said with the strong global push for green economies and a net zero carbon emission, the era of fossil fuel in powering development is fast coming to an end hence, for an oil dependent economy like Nigeria, it is a race against time to effectively diversify the economy.
Ekineh said there is no doubt that efforts are on-going in this direction as evidenced by the various policies and programmes of government and the increasing contribution of the non-oil sectors to GDP which now exceeds 90% of GDP. Over 92per cent in Q2 2021.
She said, “The progress is commendable. Nonetheless, efforts need to be invigorated to speedily diversify the economy in all respect, for while the oil sector has shrunk in its contribution to GDP, it remains quite dominant in foreign exchange receipts and export trade. The economy is in other words, still mono product in some respect and significantly lacking in export diversification.
Dr. Bosun Tijani, Minister of Communications, Innovation, and Digital Economy, on Wednesday said that no fewer than twelve federal universities will benefit from high-fibre digital infrastructure before the end of the year.
In addition, some Nigerian universities are set to begin enjoying 24-hour electricity supply to enhance teaching, research, and learning on campuses, according to the Minister of Education, Dr. Maruf Alausa.
Dr. Tijani disclosed this at the commissioning of a High-Fibre Digital Facility at the University of Abuja’s old Boys Hostel. He said the initiative aims to equip students with digital skills and access needed to explore emerging opportunities in the global tech ecosystem before graduation.
Citing examples of young Nigerians who have successfully built billion-dollar online payment firms, Dr. Tijani urged students to leverage the digital infrastructure being provided by the current administration to develop themselves and build a future in tech.
The project is a collaboration between the federal government, Galaxy Backbone Nigeria Ltd, Huawei Technologies Nigeria, and other tech firms. It will deliver free Wi-Fi services across campuses, serving as a digital equalizer for students.
Present at the inauguration were the Director-General of the National Information Technology Development Agency (NITDA), Kashifu Inuwa; the National Commissioner for the Nigeria Data Protection Commission, Dr. Vincent Olatunji; the Managing Director of NigComSat, Mrs. Jane Egerton-Idehen; and the Postmaster General of the Federation, Mrs. Tola Odeyemi.
Also the Vice chancellor of the University of Abuja, Prof Patricia Lar and the institution’s Registrar and the Managing Director of Huawei Technologies Nigeria, Mr Teorens Wu attended the event.
Dr Tijani further said digital inclusion was necessary especially for the students to navigate contemporary challenges and become successful in the digital space without waiting for white collar jobs on graduation.
He said the University was the first of the seven universities for the first phase of the pilot scheme. And that by the end of June, they would have connected the seven universities for the first phase.
“This initiative we are launching here today is the first of the seven in a pilot scheme, and by the end of July, we will have connected the seven universities”, he said.
“Galaxy Backbone has the infrastructure in place already; all we are doing is to take the fibre to hostels,” the Minister added.
“Your challenge today is what you do with the knowledge that you’re being given. And this is why to actualise the dream of our president, we’ve taught it to be important that Nigerian university students cannot continue to learn without access to meaningful connectivity.
“It is unacceptable because we know when we give you this access that not only are you going to be better in what you’re learning, but you’re actually going to create the future that our president is asking that we create as a nation”, Dr Tijani said.
Dr. Alausa, on his part, noted that the University was a special institution selected by the government to enjoy a 24-hour power supply. And that other special institutions will enjoy 24hrs power before the end of 2026.
“The president is energising institutions. We have special institutions in the country today enjoying 24-hour electricity via the presidential renewable mini-grid project, the solarisation project.
“The University of Abuja is one of the beneficiaries. You have a 3.3 megahertz mini-grid here and everybody can attest to it now that you have a 24-hour electricity supply.
“The president is not stopping there. Before the end of next year, all the special institutions will have a mini-grid. You will all enjoy a 24-hour electricity supply, “Dr Alausa said.
The Acting Vice Chancellor, University of Abuja, Prof. Patricia Lar in her welcome address described the project as a laudable one that would benefit the school community.
“It’s a special initiative that’s going to create opportunities for students of all economic status to access data to be able to use for knowledge and education, and to feed their creativity with ease.
“We are grateful for deploying fibre to our hostels. This also works with the solar power backup that has been installed in our campus,” she said.
Nigeria has approved a fresh $500 million replenishment of the Nigeria Trust Fund (NTF) at the African Development Bank (AfDB), extending the facility for another 15 years.
President of the AfDB, Dr. Akinwumi Adesina, announced this during his opening remarks at the ongoing AfDB Annual Meetings in Abidjan as he expressed deep appreciation to President Bola Ahmed Tinubu and Vice President Kashim Shettima for their continued support.
“To President Bola Ahmed Tinubu and to Vice President Kashim Shettima, for your support over the past two years, I am profoundly grateful. Thank you for graciously approving the replenishment of the Nigeria Trust Fund for another 15 years for $500 million.”
The Nigeria Trust Fund (NTF) was set up in 1976 through an agreement between the Nigerian government and the African Development Bank Group. It’s a revolving fund that sustains itself over time and is designed to support the development of low-income African countries in need of concessional financing.
The fund can be used in a number of ways—either to co-finance projects alongside the African Development Bank and the African Development Fund (ADF) or to finance projects independently. It supports both public and private sector initiatives and can also be used to top up funding for ongoing Bank Group-backed projects.
Unlike the ADF, which allocates funds to countries, NTF resources are tied to specific projects. This allows for more flexible, needs-based support where it’s most effective.
The National Assembly has hinted that it may consider passing the harmonised tax reform bills by Tuesday, following a successful review of the troubling clauses in the proposed legislation.
This was disclosed by the Chairman of the House Committee on Finance, James Faleke, via his official X account on Sunday. Faleke is the leader of the House delegation for the bills harmonisation exercise.
He tweeted, “The conference committee set up by the House and the Senate on the Tax Reform Bills has successfully concluded its work. The joint committees thoroughly reviewed all sections and addressed the grey areas of the four bills, examining each clause strategically and resolving contentious issues.
“After an intensive deliberation that stretched through Thursday night, all day Friday, and into the early hours of Saturday, I am pleased to report that the bills are now ready for presentation to both the House and the Senate for final passage.
“I would like to especially appreciate the Senate conference committee, ably led by the Chairman of the Senate Committee on Finance, the Distinguished Senator Sani Musa, as well as all members of the Senate Conference Committee.
“I also extend heartfelt gratitude to my colleagues on the House Conference Committee, which I had the honour to lead, for their unwavering commitment to the Nigerian people. We are truly grateful for your dedication and resilience in bringing this important task to a conclusion.”
It was reported that the four tax bills were sent two weeks ago to the joint harmonisation committee made up of members of the Senate and the House of Representatives to reconcile the amendments of both Chambers before it is transmitted to President Bola Tinubu for his assent.
After announcing the passage of the bills following a majority voice vote, the Senate President, Godswill Akpabio, praised the lawmakers for their sacrifice in ensuring that the tax system in Nigeria meets an international standard.
He said, “These four executive bills seek to transform and modernise the tax system in Nigeria.”
The move came barely 24 hours after the Upper Chamber earlier cleared two of the bills before pushing the remaining legislation for consideration on Thursday.
Addressing journalists after the plenary, the Chairman of the ad hoc committee for the tax reform bills and the lawmaker representing Niger East Senatorial District, Senator Sani Musa, explained that they did their best to ensure the taxation system in Nigeria meets international standards.
Musa also disclosed that parts of the tax proceeds will be used to fight cybercrime, boost defence infrastructure, the TETfund, and aid soldiers in their efforts to restore peace and safety in the country.
Continuing, the Niger Senator explained that the senators recommended that the President needs to appoint a chairman and create an ombudsman to arbitrate and adjudicate on tax-related matters.
The legislator also harped on the need for the establishment of a tax tribunal, which he said cannot be overemphasised.
“It is not à court of record. We have looked at the issue of VAT, coĺlection of taxes, development levies, and inheritance tax, which had been expunged.
“I believe Nigerians wiĺl see something nice from this. We also commend the President for giving a level playing field to all,” he said.
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