The Sokoto State Governor, Aminu Waziri Tambuwal has announced the readiness of the African Development Bank (AfDB) to facilitate the establishment of Commodity Exchange for onion in the state, to improve economic derivative of the crop.
Tambuwal disclosed this while closing a three days training for budding entrepreneurs in the state, saying the development was a part of the outcomes of a high level meeting he and some of his commissioners had with the management team of the bank in Abidjan, Côte d’Ivoire.
A commodities exchange is a market, where various commodities are traded. It’s a legal entity that determines and enforces rules and procedures for trading standardized commodity contracts and related investment products.
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The commodity markets began in the 19th century with the trading of agricultural products and other raw materials like wheat, barley, sugar, maize, cotton, cocoa, coffee, milk products, pork bellies, oil, and metals.
The governor explained that he Sokoto exchange will be the 15th of its kind in Africa and the fourth in the country after the Abuja Securities and Commodity Exchange, Lagos Commodities and Futures Exchange; and, AFEX Commodities Exchange Limited.
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“During our visit to the AfDB, we had engagements with them and agreed that an Onion Commodities Exchange will be established in Sokoto with the help of the bank on the framework and technical support.”
He pointed out that the state is in the topmost position of onion producing states in the country, adding that the potential for onions trade abound in the state, while promising that his administration would continue to support indigenous farmers.
