By: Amb. Anthony Akalugo
COMMODITIES EXCHANGE IS THE CHANNEL TO EFFECTIVE EXPORT TRADE FOR NIGERIA – IZUNASO
The People’s Senator, and the Chairman Senate Committee on Capital Market, Sen. Osita Izunaso has emphasized that Nigeria needs to utilise the window of commodities Exchange to enhance revenue generation.
The media expert and first class lawyer turned legislator stated this during the joint retreat organised by Lagos Commodities and Future Exchange in collaboration with the Senate Committee on Capital Market in Lagos.
Izunaso argued that through Commodities exchange, as practiced in other healthy economies around the world, there will be emphasis on adding value to raw materials being produced or rather using it to produce goods before exporting thereby conserving the backwards integration to the economy.
Sen. Osita Izunaso inferred that Agricultural produce, solid minerals such as gold, zinc, and oil and gas, are among commodities that can be traded through the commodities exchange. He pointed out that it is not only meant for Agricultural produce.
He frowned at the practice of exporting raw materials and importing finished products, which leaves Nigeria at a negative economic balance. For instance, he posited that the practice of exporting crude oil and importing refined petroleum products is a negation of economic value.
Sen. Osita Izunaso emphasized that the usual focus on money market, capital market didn’t announce the the role of commodities, in foreign exchange earnings but it is the heartbeat of the earnings for the country and should be accorded deserved attention.
The people’s senator recommended that henceforth all export from the country should be routed through Commodities exchange in order to earn revenue for the country and to ensure effective export practices.
He called on the various arms of the Government, the executive, legislature and the judiciary to collaborate to advance the course of commodities exchange for the good of the nation’s economy emphasizing that it is being practiced in other vibrant economies of the world and should not be an exception in Nigeria.
Izunaso is truly a critical mind that holds important role and posses enormous capacity to significantly impact Nigerian governance and economy.
© Amb. Anthony Akalugo
Kpakpando Titanic Media, 2024
