The Managing Director of the Nigeria Commodity Exchange (NCX), Zaheera Baba-Ari, has said that the Africa Continental Trade Agreement (AFCFTA) would benefit Africa Nations if managed properly.
She said this in an interview with journalists on Sunday, in Abuja.
Baba-Ari said that the trade agreement would bolster trading between African nations, thereby supporting the African economy.
Explaining the work of NCX, she stated that the Exchange had a trading application system that helped to make buying and selling seamless.
She said, “The establishment of the continental trade bloc will be beneficial to African countries if properly managed.
“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 efficient management of warehouse inventories.
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“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.
“The issue of tariff on agro-commodity exports from Nigeria should be addressed to increase the efficiency of trade flows.
“There is also the need for Nigeria to improve its position on the World Bank’s Ease of Doing Business Ranking from its current 131st rung of the ladder.
“This should be done by using focus indicators such as paying taxes, trading across borders, starting a business and connecting minority investors.
“This is in line with the goal of the Presidential Enabling Business Environment Council (PEBEC) to be the top 70 among a total of 190 countries.”
