WAREHOUSE RECEIPT SYSTEM GAME CHANGER FOR AGRIC -- OTEH Ms Arunma Oteh, the Director-General, Securities and Exchange Commission, has described the implementation of the Electronic Warehouse Receipt System (e-WRS) for farm produce as a game-changer for Nigerias agriculture. Speaking during the launch of the system in Abuja on Thursday, Oteh said it was a significant milestone for the Nigerian economy and the backbone of any commodities exchange. ``It is bound to have transformative impact on agriculture, food security, poverty alleviation, economic inclusion and ultimately on the socio-economic advancement of Nigeria as encapsulated in the Transformation Agenda of President Goodluck Jonathan. ``Agriculture employs over 65 per cent of Nigerians and this scheme will help address the persistent problems our farmers face in terms of limited access to markets and credit.’’ According to Oteh, commodities exchange helps in creating efficiencies in the production and distribution of essential raw materials across countries. ``They provide a centralised marketplace where commodity producers can sell their products to those who wish to use them for manufacturing, export or consumption. ``They also facilitate price discovery, reduce risk and costs, while improving the allocative efficiency of the economy.’’ Oteh said the Federal Government’s Agricultural Transformation Agenda (ATA) had already brought remarkable dividends for over 10 million farmers, making it easier to access inputs and agricultural extension services. ``This warehouse initiative will go a long way in consolidating the gains of ATA and improving the livelihood of millions of smallholder farmers in our country.’’ She, therefore, pledged the commitment of the SEC to the effectiveness of the programme. Also speaking, Dr Mohammed Santuraki, the Managing Director, Bank of Agriculture, said the launch of the commodity exchange in Nigeria was important as it would bring farmers closer to the market.
Posted on: Sun, 13 Jul 2014 10:19:58 +0000
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