NCX, firm partner on non-oil earnings

The Nigeria Commodity Exchange has expressed its commitment to partner with HarvestField Industries Limited, a local agro-chemical formulation and manufacturing company, to support the Central Bank of Nigeria’s vision to generate $200bn foreign exchange from non-oil sources.

The NCX and HarvestField cemented the collaboration at HarvestField’s Hill factory in Mowe, Ogun State.

After an inspection around the premises, the Managing Director of HarvestField, Martins Awofisayo, spoke on his vision to establish an export centre in collaboration with the NCX. He said the centre would focus on sorghum, millet, ginger, sesame, and others.

He said, “HarvestField possesses the necessary resources, including 27 warehouses nationwide. We have invested N700m into this project, and now it’s time to collaborate with NCX to make it a reality. Our plan is to establish an export processing zone dedicated to exporting agro commodities.”

Awofisayo explained that Harvestfield had the accommodation to process sorghum, groundnut, sesame, and other agro commodities.

While noting that the company currently operated on a small-scale basis, he said, “We now aim to expand significantly. We have been assisting numerous exporters in achieving high-quality outputs and increasing their production yields. Recently, we successfully exported 10 containers to the United Kingdom.”

Lauding the efforts of HarvestField, the Interim Coordinator of NCX, Elenwor Ihua, strssed the critical role of non-oil sectors for Nigeria’s future, particularly agriculture.

Ihua said this had become the new mandate of the CBN programme to achieve $200bn in non-oil exports.

He expressed the NCX’s support by signing the MoU partnership with the agrochemical company, stating that “The NCX recognises the potential in what HarvestField is doing, and we are ready to join forces.”

He noted that the partnership aimed to “Establish state-of-the-art storage facilities that would serve as a model for the entire country. Currently, 30 per cent of our agro commodities are lost due to post-harvest challenges, primarily stemming from inadequate storage infrastructure.”

Ihua addressed the need for a holistic testing infrastructure for agro commodities, as it remained a hurdle in the export process.

“The NCX is actively promoting the sale of commodities through their platform to ensure the export quality of the produce,” he said.

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