NEWS DETAILS: RMRDC TO COLLABORATE WITH NIGERIA COMMODITY EXCHANGE (NCX) ON RAW MATERIALS SUPPLY CHAIN
Following are the details of the news:
As part of efforts to promote the production and supply of commodity based industrial raw materials for use by manufacturers in the country, the Raw Materials Research and Development Council (RMRDC) is set to partner with the Nigeria Commodity Exchange (NCX) for improved synergy between producers and marketers of agricultural and mineral commodities to boost local manufacturing.
The Director General, RMRDC, Professor Hussaini Doko Ibrahim made this known when the Managing Director, Nigerian Commodity Exchange (NCX), Mrs. Zaheera B. Ari, paid him a working visit in Abuja recently.
While Receiving the NCX team, Professor Hussaini Doko Ibrahim said the Council will collaborate with the NCX, as one of the key mandates of the Council is to advise the federal government on the strategic implication of depletion, stockpiling or conservation of resources. He noted that the Council has been working closely with industries and farmer groups to ensure sustainable raw material supply. He also informed the MD that the Quality Assurance Division in the Council is tasked with the responsibility of adherence to quality specifications of raw materials for the benefit of all.
Prof Ibrahim further informed the visiting MD that the Council is collaborating with the Ministry of Women affairs in a capacity building programme on raw materials value addition, and suggested that NCX could also come on board as it also relates to some of their activities.
Earlier, the NCX Boss informed the DG that her office was set up to create an efficient and transparent platform for trading commercially viable Nigerian commodities for farmers to get proper value for their commodities.
She further said that since the Council’s mandate is to promote the development and optimal utilisation of Nigerian raw materials, there is a lot the two agencies can work together to achieve in order to maximally exploit the abundant resources. She noted that farmers lack good storage facilities which affect their produce and make them incur losses. This can be addressed under the Warehouse Receipt scheme one of her agencies flagship programme.
Mrs Ari averred that, famers can use the commodities as collateral for loans, while urging the Council to support her Agency in areas of research and quality control that will help increase the commodity space.