02/05/2017 NNDC IS PROMOTING ECONOMIC DIVERSIFICATION INTO AGRICULTURE WITH THE ESTABLISHMENT OF A COMMODITY MARKETING COMPANY

NNDC IS PROMOTING ECONOMIC DIVERSIFICATION INTO AGRICULTURE WITH THE ESTABLISHMENT OF A COMMODITY MARKETING COMPANY

New Nigeria Development Company Limited (NNDC) has spearheaded the establishment of a regional commodity marketing company to support the current economic diversification drive into agriculture. The commodity marketing company will help to address the tripartite challenges of market access, pricing and storage being encountered by farmers.

NNDC has registered the commodity marketing company with the Corporate Affairs Commission (CAC) under the name New Nigeria Commodity Marketing Company Limited (NNCMC). The NNCMC, unlike the defunct Commodity Marketing Boards created by the Government, is being founded on a Public-Private-Partnership. The company will be driven by the efficiency of the private sector that is expected to own 65% of the equity.

NNCMC will tap on the opportunities of storage and marketing of farm produce and give farmers fair prices. This will encourage them to return to the farm while saving them from glut. Furthermore, NNCMC will serve as a sustainable source of raw materials for the agro-allied manufacturing sub-sector.

The NNDC Chairman - Alh. Bashir Mohammed Dalhatu (Walin Dutse) led NNDC team on visits to NNDC Owner States (19 Northern States) in respect of NNCMC. The team paid courtesy visits to the Executive Governors of Kano, Jigawa, Bauchi, Gombe, Plateau, Kebbi, Zamfara, Kogi and Borno States. It is hoped that before the end of the second quarter of 2017, the team would visit the remaining States not covered in the first phase.