Commodity Exchange opens trade relations with Sudanese merchants

The Nigeria Commodity Exchange (NCX) has said it is opening trading relations talks with agricultural merchants based in Sudan for them to buy all commercially viable agricultural commodities in Nigeria through its trading floor. The Head, Corporate Communication & Strategy of the Exchange, Chris Echikwu, told Daily Trust in Abuja that the trade relations would  […]

The Nigeria Commodity Exchange (NCX) has said it is opening trading relations talks with agricultural merchants based in Sudan for them to buy all commercially viable agricultural commodities in Nigeria through its trading floor.
The Head, Corporate Communication & Strategy of the Exchange, Chris Echikwu, told Daily Trust in Abuja that the trade relations would  cover farm produce like sesame, cashew nuts, cocoa, melon seeds, cotton, shear butter and hibiscus flower (Zobo) among others.
By this arrangement, he said the Sudanese merchants will be meeting others from countries in Asia, Europe and the United States using the NCX’s trading floor.
‘’The Sudanese merchants had already gotten an order to supply sesame to China. These, they can buy through our floor and will be delivered to Lagos for them, from where it will be shipped to China,’’ Echikwu said.
He added that with the arrangement, the Sudanese merchants will appoint brokers from among the NCX’s dealing members to conduct the transaction for them, disclosing that the Exchange already had an order from the merchants for the procurement of non-vibre cotton and sesame.
Echikwu noted that the arrangement is part of the NCX’s initiative to open up intra-Africa trades in agricultural commodities, adding that the move will establish new markets for Nigerian farmers in the African continent and beyond.
‘’Through the mechanism of commodity exchange, this relations will open another window to export produce like hibiscus flowers (Zobo) in a more effective and efficient manners,’’ he said.
He, however, noted that in every international trade, there are different government procedures that must be met before such trade takes place and that the Exchange is seeking relevant government approvals for the take-off of the relationship.
‘’The Sudanese merchants have also stated that they will make haste in securing requisite government permits and approvals in their own country to ensure that the trade commences in earnest,’’ he added.