Business Headline Nigeria Sokoto

AfDB, Sokoto gov’t partner on Onion trade

Photo: startuptipsdaily.com

Sokoto State Governor, Aminu Waziri Tambuwal says African Development Bank (AfDB) will soon facilitate the establishment of an Onion Commodity Exchange in the state.

A statement signed by the Special Adviser to the Governor on Media, Muhammad Bello says this is part of an agreement with the management team of the African Development Bank (AfDB) the Sokoto State Governor and some of his commissioners held last week at Abidjan, Côte d’Ivoire.

The statement says if established, the Onion commodity exchange would be the 15th of its kind in Africa and the 4th in the country after the Abuja Securities and Commodity Exchange, Lagos Commodities and Futures Exchange; and, AFEX Commodities Exchange Limited in the Country.

It also explains that Sokoto State is the largest producer of Onion in the country.

The statement further says the governor cited an example of an individual in Abidjan, who transacts over ₦2.8 billion annually in trading Onions in Abidjan from Sokoto, explaining that a survey carried out by the State Ministry of Commerce reveals that from Onion trade, the state engages in an annual transaction of between two to three billion naira.

Reporting by Nasiru Malali; editing by Muzha Kucha.