Thursday, 08 March 2012 / By Moses Ebosele / National
TO ensure viability, the Federal Government is shopping for foreign partnership for Abuja Securities and Commodities Exchange (ABSCE).
The initiative, according to the government, is expected to boost the operations of Small and Medium Enterprises (SMEs) and by extension create more jobs and “add value to the economy”.
A source told The Guardian yesterday that the search for partnership has been scaled down to countries with viable commodity exchanges.
The source explained that President Goodluck Jonathan has given directives to various ministries to give development of the agriculture and SMEs top priority in the administration’s quest to transform the economy.
Already, the Minister of Finance, Dr. Ngozi Okonjo-Iweala, who is leading government initiative is working in partnership with the Ministry of Agriculture, the Ministry of Trade and Investment and the Securities and Exchange Commission (SEC).
Formerly known as Abuja Stock Exchange (ASE), it was incorporated on June 17, 1998. A change of name was effected in August 2001.
At inception, some workers of the Exchange had technical training in India, China, South Africa and United States (U.S.) in commodity Exchanges.
The source declined to give names of countries Nigeria is likely to seal fresh partnership with.
The source explained that when fully revived, the ABSCE would provide the needed capital to transform the agricultural sector and SMEs.
Based on the proposed agenda, an inter-ministerial meeting was held with the World Bank in the third quarter of 2011.