Business News

SEC collaborates with SON to boost foreign trade in agric and mining sectors

In an effort to grow the agric and mining sectors economy, the Securities and Exchange Commission (SEC) has announced its partnership with the Standards Organisation of Nigeria (SON) to develop standards for commodities meant for exports.

According to the Director-General of SEC, Lamido Yuguda, the collaboration with SON had resulted in some standards being developed and being exposed to different markets with positive feedback. The development of these standards would pave the way for the export of the products to the international market which will in turn boost the Nigerian economy.

“This is a sector that the commission has been working strenuously to encourage both agricultural commodities and mineral commodities among others. This is a market that has a lot of potential for Nigeria. 

“We are a very good agricultural nation and we have a lot of resources and right now most of them are sold in local markets without any form standards and because of that a lot of our agricultural produce is rejected in the international market.

“Collaboration with SON was a step in the right direction. We expect the agricultural sector to grow significantly in the nearest future”.

“We are also collaborating with the Ministry of Solid Minerals because there is a lot of opportunity in that sector”.