By Cynthia Alo
Chief Executive Officer (CEO) of Sterling Bank Plc, Mr Abubakar Suleiman, has identified lack of trust as the main problem affecting the growth and development of the Nigerian commodity market.
He disclosed this while delivering a welcome address on a webinar organised recently as part of measures to promote SABEX, a digital commodity exchange empowered by blockchain technology. The webinar held with the theme: AgroCommodities as a Viable Asset Class.
SABEX, which was designed to facilitate the exchange of agro commodities, operates through an ecosystem of buyers, financiers, warehouse operators and other players in the agro commodity trading business across Nigeria.
Breaking News | Sterling Bank s CEO, Others List Challenges Of Nigeria s Commodity Market thestreetjournal.org - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thestreetjournal.org Daily Mail and Mail on Sunday newspapers.
SABEX, which was designed to facilitate the exchange of agro commodities, operates through an ecosystem of buyers, financiers, warehouse operators and other players in the agro commodity trading business across Nigeria. On SABEX, traders – typically farmers – can pledge their warehoused agricultural goods as collateral to access instant loans to facilitate their business growth.
Suleiman said the webinar had the objective of developing trust in the commodity market because there is currently no trust among players in the sub-sector, starting from farmers to micro players and exporters across the value chain.
He said there is a need to build trust in the payment, partnership, product, price and delivery elements of the agro commodity trading business. He added that “We need to financialise commodities to the point that they are similar to digital assets.”
Views: Visits 5 tasks tiers of govt on accountability By Olasunkanmi Akoni The Charted Institute of Taxation of Nigeria, CITN, has attributed the low tax culture among taxable adults and businesses in Nigeria to lack of accountability and transparency in the expenditure of tax money by tiers of government. Making this claim at the 2021 annual tax lecture in Lagos last weekend, Chairman of CITN, Ikeja, Mr Funso Abidakun, made reference to a recent research by the Nigeria Economic Summit Group, NESG, which revealed that more than 81 per cent of taxable Nigerians do not pay their income taxes as and when due thereby, accounting for low revenue from taxes.
CITN decries corruption in tax administration in Nigeria vanguardngr.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from vanguardngr.com Daily Mail and Mail on Sunday newspapers.