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SEC: Solid minerals germane for economic diversification

The Director General of Securities and Exchange Commission (SEC), Mr. Lamido Yuguda, has said that with over 44 minerals found across the federation, the solid minerals sector can be significantly instrumental in the on-going quest to diversify the economy from its heavy reliance on crude oil.

Yuguda stated this during a webinar organised by the Securities and Exchange Commission in collaboration with the Ministry of Solid Minerals Development with the theme, “Financing the Solid Minerals Sector through the Capital Market and the Critical Role of Commodity Exchanges” He said it had also been identified as a backbone of the investor value chain, which is an essential source of input for key industries such as construction, automobiles, electronics, aircrafts and ship building. He said: “We believe that the Nigerian commodity trading system and, indeed, the capital market, can be the transformational patronage to bring about these positive changes in the sector.

“With opportunities provided for better access to marketing of produce, price discovery and valuable market information, a striving commodities trading eco system has the potential to foster inclusive mining prosperity by efficiently linking com-modities to industries in sufficient scale thereby promoting the output, creating jobs, improving living standards and unlocking the economic potentials of mining communities. “It will also enhance financial inclusion of artisan miners, foster mineral production, stimulate exports and ultimately engendered economic development amongst other benefits.

Undoubtedly, greater connectivity of the mining sector and the commodities trading eco system will ensure that mineral commodities could be traded on transparent, efficient and organized trading platform provided by commodity exchanges,” he noted.

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