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The Nigeria Commodity Exchange and CGC Nigeria Limited have entered into collaboration to expand Nigeria’s storage capacity for agricultural commodities.
This was disclosed in a statement signed by the Head of Business Development at the Nigeria Commodity Exchange, Dr. Khadijat Abdulazeez.
Dr Abdulazeez, who said the organisation has commenced work on the early phase of implementing a strategic plan to revitalise the ecosystem through a model network of warehouses to support commodity trading, added that the aim was to provide farmers with 500,000MT of accessible storage facilities while upholding business and environmental sustainability.
The statement partly read, “This collaboration is captured by a Memorandum of Understanding signed by the Managing Director of NCX, Mr. Anthony A. Atuche, and the Group Managing Director of CGC, Mr. Zhong Xiang.
“In line with the Renewed Hope Agenda of President Bola Ahmed Tinubu, this MOU commits both organisations to a vision to strengthen food security reiterated by the significant pledge of $50 billion in financial support by China at the recent Forum on China-Africa Cooperation (FOCAC).
“During his keynote speech at the FOCAC in September 2024, China’s President Xi Jinping highlighted the interest to “expand market access for African agricultural products, deepen cooperation” and the launch of a “China-Africa quality enhancement program.”
“As a major partner for Africa’s development, CGC has sustained its leadership in construction for over 40 years, bringing a strong capacity to this storage project for the benefit of millions of households across Nigeria.”
Abdulazeez further said the initiative aligned with the Nigeria Commodity Exchange’s strategy to Revitalise the Ecosystem for Trading Commodities (RETRAC) with a focus on infrastructure which seeks to provide storage facilities to improve national capacity.
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