Nigeria Commodity Exchange
Image: DW

The Nigeria Commodity Exchange (NCX) has signed an agreement with the New Nigeria Commodity Marketing Company (NNCMC) to halt post-harvest losses.

This partnership is meant to trigger trading of agricultural produce in Nigeria, according to the Managing Director of NCX, Zaheera Baba-Ari.

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Baba-Ari penned the Memorandum of Understanding on behalf of the Exchange while the Managing Director of NNCMC, Abubakar Musa, signed for his company.

“With the implementation of this MoU, NCX is now able to link sellers with buyers across Nigeria and indeed around the world of commercially viable agro-commodities such as maize, sorghum, soya beans, sesame seed and cashew, among many others,” she said.

Concise News gathered that Nigeria losses $8.9bn (about N2.71tn based on the N305 to a dollar official exchange rate of the Central Bank of Nigeria) to post-harvest loses.