Business
AfCFTA: Commodity Exchange Positions Nigeria For Effective Operations
The Nigeria Commodity Exchange (NCX), has been positioned to facilitate efficient export of commodities as the African Continental Free Trade Agreement (AfCFTA) takes off.
Its Managing Director, Mrs. Zaheera Baba-Ari, made the declaration yesterday in Abuja when she spoke with newsmen.
She said noted that the AfCFTA was an important and strategic platform that would serve to enhance the economies of African countries.
“The establishment of the continental trade bloc will be beneficial to African countries if properly managed,’’’ she said.
Baba-Ari said that in view of the expected adverse effects of COVID-19 on the world, AfCFTA would boost intra-African trade and mitigate rapid decline in the GDP of African countries.
She said the exchange had established a network of 20 licensed delivery warehouses across major production areas in the six geo-political zones of the country for efficient receipt and storage of agro-commodities to be traded on the exchange.
The warehouses, located in Zamfara, Kano, Kaduna, Nassarawa, Benue, Bauchi, Sokoto, Plateau, Ebonyi, Ekiti and Kogi have combined capacity to store 50 trillion tonnes of goods, she said.
Baba-Ari added that other warehouses located in Adamawa, Gombe, Taraba, Jigawa, Edo, Cross River and Ondo States would be ready within the year.
The managing director also told newsmen that the Exchange had established fully equipped Quality Assurance Laboratories in each of the delivery warehouses.
She said the laboratories were for the purpose of testing the quality of commodities such as paddy rice, cocoa, sesame seed, soya beans, maize, sorghum and cashew nuts that would be traded on the exchange.
“The NCX has acquired robust Trading Application System for seamless buying and selling of commodity to ensure market integrity, price transparency and the facilitation of cross border trades.
“It has also acquired a Warehouse Management System that assures an efficient management of warehouse inventories.
“We have perfected Memorandum of Understanding with relevant foreign and Nigerian Commodity Associations like the Ethiopia Commodity Exchange and the Export Merchants Association of Sudan to trade in selected agro-commodities,’’ she said.
On standards and quality of commodities, Baba-Ari said that the NCX Quality Control department was headed by a professional certified by the Institute of Public Analysts of Nigeria.
She added that the exchange’s laboratory was being rigorously upgraded for ISO22000 certification which combines ISO 9001 with Food Safety Management and Hazard Analysis, including Critical Control Point System (HACCP).
“’The HACCP identifies specific hazards and proffers measures for the control of identified impurities in the food processing sector,’’’ she said.
Business
Kenyan Runners Dominate Berlin Marathons
Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.
Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.
The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.
Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.
“I did my best and I am happy for this performance,” said Sawe.
“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”
Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.
In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.
Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.
Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.
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