Sokoto State Governor, Aminu Waziri Tambuwal has revealed that the African Development Bank (AfDB) will soon facilitate the establishment of an Onion Commodity Exchange in the state.
This, the Governor said was part of the outcome of a high level meeting he and some of his Commissioners had with the management team of the bank last week in Abidjan, Côte d’Ivoire.
If it is realized, the 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.
Recall that in economic parlance, trading in Exchanges includes derivatives contracts, such as forwards, futures, options and spot trades- focusing on immediate delivery. It could also be trades on interest rates, foreign exchange futures, freight contracts instruments and environmental instruments.
According to Gov. Tambuwal, while closing a three day training for budding entrepreneurs in the state on Saturday, “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 said the potential for onions trade abound in the state, thus putting it in the topmost position of states cultivating the commodity in the country.
He cited an example of an individual in Abidjan, who transacts over N2.8 billion onion trade annually from Sokoto-Côte d’Ivoire, elaborating that the result of a survey he commissioned has revealed that from onion trade alone, the state engages in an annual transaction of between N250-N300 billion.
A statement signed by his media aide, Muhammad Bello, said the Governor, therefore, assured that his administration will continue to support indigenous farmers “because they have the potentials to increase their economic strengths and purchasing powers.
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