Kano State Investment and Properties (KSIP) Ltd has signed a Memorandum of Understanding (MoU) with AFEX Commodity to strengthen commodity trading in Kano.
The MoU signing took place on Wednesday at AFEX’s office in Abuja, which underscored the commitment to leverage collaboration to effectively develop and transform the commodity sector in Kano.
The MoU signing reiterates commitment to driving growth for the commodities sector and agriculture in general.
Speaking after the partnership, Managing Director of Kano State Investment and Properties Ltd, Auwalu Muktari Bichi, said KSIP’s dream is always to secure wealth creation for the Kano populace, by reviving the commodity sector through utilizing human and capital resources to improve the economy and generate value for the state.
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“Kano is a key producer of staple consumption commodities like Maize, Paddy Rice, Sorghum, Soybean, and Sesame, and export commodities like groundnut. However, challenges across droughts, minimal storage, low fertilizer application and lack of quality seeds limit production and export capacities.
Under our mandate, KSIP was established to promote industrial and commercial activities in the state through the facilitation of direct equity investment and assistance to entrepreneurs engaged in industry, commerce, and agriculture. Through this partnership, the KSIP is set to drive financing to the agriculture sector to boost productivity,” Auwalu Muktari stated.
In his remarks, the Group CEO of AFEX Commodity Exchange, Mr. Ayodeji Balogun expressed optimism about the relationship, saying it will increase efficiency and innovation across the commodity value chain, not only in Kano but, Nigeria as a whole.
“Our exchange model, which we will be deploying during this project, provides a centralized platform for farmers, aggregators, and processors, to engage in transparent and efficient trading and improve fair pricing across the value chain while providing a path to unlocking the significant capital required for such a project”, GCEO Balogun.
The mutual agreement indicates a bold corporate statement by both firms and unlocks new opportunities for commodities trading.
This was contained in a statement signed by the Head Investment Division of KSIP, AGM Haris Halliru Gwarzo.
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