A $14.7 million Gezawa Commodity Exchange is to be established in Kano in northern Nigeria.
The Project Consultant, Gezawa Commodity Market and Exchange Limited, Mr. Binfa Binchang, told journalists that the project, which is a private sector driven initiative, was conceived in collaboration with some investors to provide a cost-effective platform for local farmers, buyers and sellers of agro commodities to transact business in a seamless manner using technology.
Conducting journalists round the site, Binchang said that the project would be completed in two years.
“It will comprise an online trading platform, market information system for data dissemination, efficient clearing and settlement system, warehousing facilities, electronic warehouse receipt system, a grading and standardisation system, network of farmers cooperatives, aggregators, a legal and regulatory framework that guides transactions on the exchange,” the report by Nigeria’s Nation newspaper on Friday quoted Binchang as saying.
He noted that Nigeria is blessed with arable land; and that agriculture is the primary means of livelihood for millions of households, especially in the rural communities.
“We believe that developing the agro commodity sector through the establishment of this commodity exchange is essential for poverty alleviation and the overall economic development of the country,” he added.
GIK/APA