Nigeria and Ethiopia are set to enter into a technical partnership for joint trading of commodities for the two regions of East and West Africa.
The deal, when operational, will see the Ethiopian Commodities Exchange (ECX) training workers of the Nigeria Commodity Exchange (NCX) on technical operations including internship.
Speaking on the development in Abuja, the Managing Director and Chief Executive Officer, NCX, Zaheera Baba-Ari, said both countries are planning to “enter into market information services whereby they (ECX) will be listing commercially viable Nigerian agricultural commodities such as maize, sesame, cotton, cowpea, cashew nuts and cottons but they will be adding more commodities as time goes on.”
She said both Commodities Exchanges are in the process of drawing up a Memorandum of Understanding (MoU) to give legal backing for the planned commodities marketing collaboration.
Baba-Ari said the benefits of the partnership include “opening up business opportunities for Nigerian farmers to attract buyers from African countries and abroad, apart from improving marketing opportunities which will lead to improved revenue for Nigerian farmers, this arrangement will also boost production by farmers who have been exposed to new market frontiers.”
To help Nigerian farmers make the best of the occupation, Baba-Ari added that NCX has established commodities trading relations with Commodities Export Associations in Sudan.
Source: Footprint to Africa