Commodities Exchange to become world class

President Goodluck Jonathan
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President Goodluck Jonathan has said works to transform the Abuja Securities and Commodities Exchange into a world class exchange have reached advanced stage.

He made the statement in Lagos on Saturday at the opening of the 2012 Lagos International Trade Fair, with the theme ‘Promoting Trade for Sustainable Economic Transformation.’

The president, who was represented by the Minister of Trade and Investment, Dr. Olusegun Aganga, said the transformation would be completed before December, 2013.

“We are at an advanced stage in transforming the Abuja Securities and Commodities Exchange into a world class exchange. It will also transform domestic and regional trade immensely. This should be completed before the end of next year,” he said.

The News Agency of Nigeria reports that Jonathan also said the Federal Government was determined to improve trade and trade-related infrastructure in the country.

He added, “We have also attracted significant investments into the country from one of the global players in the Warehousing and Logistics sector.”

He said LCCI highlighted logistic and warehousing as a major constraint to trade in its second quarter Business Environment Report.

“This investment will not only reduce the cost of transportation of goods but will contribute significantly to the trade facilitation process and reduce post harvest losses.”

Jonathan said the Nigerian Export-Import Bank had been working with the Organised Private Sector on a sea-link project. He added that the project would aid movement of goods and people across the major trading cities within the sub-region.

He said the government had started the rehabilitation of the existing narrow gauge rail network covering 3,505 km, signalling facilities and communication, as well as construction of new standard gauge lines to modernise the railways.

The president said, “We have awarded contracts for the Western rail line (Lagos – Kano). We are also working on linking our ports in Tin-Can, Onne, Calabar, Warri and Koko to the rail network.”

Jonathan urged manufacturers to move away from exporting raw materials to exporting finished goods.

He said this would help to create jobs locally, ensure the nation gained its share of the global wealth and transform the economy and move from poor developing nation to a rich developed nation.