CIS seeks AfDB support for commodities market development

The Chartered Institute of Stockbrokers says it plans to work with the management of the African Development Bank to ensure that the commodities market is viable and agro-allied companies are listed.

According to the CIS, its plan to partner with the AfDB is part of efforts to deepen Nigeria’s capital market.

It added that by working together, both organisations would boost activities in the agriculture sector in line with the Federal Government’s plan to diversify the nation’s income base, a statement by the CIS said.

The Acting President, CIS, Mr. Oluwaseyi Abe, disclosed this in Lagos, according to the statement.

Abe, who congratulated Dr. Akinwumi Adesina on his appointment as AfDB president, said the CIS had worked closely with Adesina during his tenure as the minister of agriculture.

He said, “We need an active and transparent commodities exchange in order to develop our agricultural sector as a huge source of income rather than depend on crude oil.

“This is in tandem with the Federal Government’s policy of diversification of the economy. The agro-allied companies require standardisation of products and effective pricing mechanism to thrive. The CIS trains manpower in this regard.”

According to Abe, other areas of partnership with AfDB include listing of power-related institutions to access capital through the various relevant market platforms, and partnership with CIS for empowerment via its diploma programme, to create employment and support financial inclusion programme of the government, especially into the rural communities.

“The CIS is willing to engage AfDB on how we can harmonise our diploma programme. The ultimate goal is to empower the holders of our diploma to create employment and enhance the government’s financial inclusion programme, especially into the rural communities,” he said.

Abe said in line with the institute’s efforts to encourage the development of the capital market, its 2015 annual conference of stockbrokers, scheduled to hold on October 29 and 30, had the theme, ‘Entrepreneurship and the capital market: Fast-tracking a new economy for Africa.’

He explained that the focus of the CIS’ professional diploma was not only to grow membership, but to develop a new generation of entrepreneurs who would drive growth in the various sectors of the financial market.

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