Commodity market crucial in developing agricultural value chain—Osinbajo

Vice President Yemi Osinbajo says a vibrant commodity market is crucial in developing Nigeria’s agricultural value chain.

The vice president said that the creation of such  commodity market with the right logistics would be mutually beneficial to farmers and consumers.

Osinbajo’s spokesman, Laolu Akande, in a statement on Tuesday in Abuja, said the vice president received at the Presidential Villa, a delegation from Gezawa Commodity Market and Exchange, a Kano State based private company.

The company provides a specialised organised 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.

“We need all the focus in developing our agricultural value chain, especially the business of ensuring that we create a proper market so that there is value.

“If we are able to resource that chain well, we will be top producers of so many different agricultural products as well as minerals.

“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.

“ 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.”

The vice president commended the idea of a private commodity exchange.

He said that a private commodity exchange was very important, adding that he was a strong believer in the private sector’s involvement.

Osinbajo commended the commodity company for having made very quick progress at a very short time and covering substantial ground.

“I am 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 recognises value and you can’t do that without establishing a proper market,” the vice president said.

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

Ya’u said 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 standardise based on international best practices.

“I believe this is one of the core anthems of this government,” he said. (NAN)