On Wednesday, the Securities and Exchange Commission (SEC) expressed its readiness to collaborate with the National Pension Commission (PenCom) on areas that would further deepen the commodities ecosystem.

SEC director-general Lamido Yuguda said this during a meeting between the commission’s management, the Lagos Futures and Commodities Exchange (LFCE), and PenCom in Abuja.

The director-general noted that SEC was passionate about the commodities sector because it had enormous benefits for the nation’s economy.

“One of the key pillars of the capital market master plan is the development of the commodities ecosystem, which gives our nation the opportunity to diversify both the capital market and the economy and also create more products,” said Mr Yuguda.

He added, “We have recorded a lot of successes in the sector so far, and we see a lot of progress in the development of the sector. We are currently working with the Standards Organisation of Nigeria to develop standards that would make these commodities acceptable in the international market.”

He said this would further boost the nation’s foreign exchange earnings and create wealth for the people.

Mr Yuguda explained that SEC sought collaboration with PenCom to ensure economic development, as the commodity ecosystem sector has huge potential if optimally developed.

The SEC director-general noted that the commission had witnessed major achievements by the LFCE and was happy to see them progress.

He stated, “We are committed to creating rules that will ensure investor protection. It is a strategic focus for us to deliver one of our key mandates, which is market development that will lead to economic development. Our focus remains market integrity, fairness and investor protection.”

(NAN)