Agribusiness Register partners Shea butter Association for Market Growth
The Nigeria Agribusiness Register (NAR) has said that it would partner with the National Shea Products Association of Nigeria (NASPAN) to trade Shea butter as commodity exchange for the Nation’s economic benefit.
The founder, Nigeria Agribusiness Register, Mr Roland Oroh, disclosed this while discussing the benefits of trading agricultural products internationally in an interview with newsmen on Friday in Abuja.
Oroh said it was agreed by Securities and Exchange Commission (SEC) that part of its implementation of a 10-year Capital Market Master Plan was to constitute a technical committee on Commodities Trading Ecosystem and Shea nut kernel was one of the commodities that the Securities and Exchange Commission (SEC) recommended to be included as tradable commodity in Nigeria commodity exchanges.
One of the recommendations of the committee was to identify commodities with good supply base in Nigeria for inclusion as a tradable commodity in the Nigeria Commodity Exchanges.
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According to him, Nigeria has the largest number of Shea trees in the world and contributes over 60 per cent of the total Shea nut produced annually in West Africa, so Nigeria can supply Shea nut kernel to local buyers and those in West Africa while developing a local processing industry.
He said that a panel session held at the second agribusiness networking (Agnet) titled, “Trading Shea Nuts and Shea Butter in Commodity Exchanges in Nigeria: How to Make It Happen” asserted that Shea was a tradable commodity.
The founder said that the Representatives of AFEX and the Lagos Commodity & Futures Exchange were of the view that the benefit of trading Shea would increase the quality and sustainability of the product from the production areas.
Oroh said NASPAN, the Agribusiness Register, the Commodity Brokers Association of Nigeria and the nation’s commodity exchanges and other stakeholders would work to make Shea trading on the nation’s exchanges a reality.
NAR is an agribusiness investment facilitation arm of Commodities Development Initiative (CDI) a commercial NGO registered under the corporate laws of Nigeria, with the mission to create impact and increase inclusion by supporting agribusiness start-ups and scale-ups with information, grants and access to impact capital and product markets.
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