Kano Multi-billion Naira Commodity Exchange Market to Open in 2021

Accountant General of the Federation, Mr. Ahmed Idris

Ibrahim Shuaibu in Kano

The Accountant General of the Federation (AGF), Mr. Ahmad Idris, has disclosed that Gezawa Commodity Market and Exchange Limited (GCMX) will open in the first quarter (Q1) of 2021.

Idris, who is the founder of the market, stated this when he received a delegation of Kano Concerned Citizens Initiative (KCCI) led by its Chairman, Alhaji Bashir Tofa, who paid a visit to bless the market yesterday.

He said he nurtured the idea of the market about five years ago with a bid to develop agricultural enterprises and other businesses in Kano and the country in general.

The AGF narrated that when he engaged consultants to conduct research in some major food markets across Kano, Jigawa and other states, the outcome of the investigation revealed that most of the farmers in the region do not benefit from the output they produce.

According to him, “Our research revealed that the majority of our farmers are not the determinants and actors of the major food markets. They have been reduced to small market traders, not major actors.

“Our youths have been left out in our food markets. Most of the major actors of these markets are foreigners. We said this is not going to continue. We have to rise up to change the trend.”

The AGF disclosed that the majority of investors in the commodity and exchange market are from southern Nigeria, calling on the northerners to come and invest heavily in order to reduce the soaring poverty bedevilling the region.

He explained that the project is at the phase one stage of about five hectares, adding that it had reached 95 percent infrastructural completion.

Also in his remarks, Tofa expressed delight with the initiative, describing it as a pride of all northern region, not the founder alone.

He called on the people in the North to key into the investment as they stand to benefit a lot from the multi-billion naira business franchise.

He advised the founder to establish agricultural school for farmers within the market building, noting that “that will further enhance agricultural education and make them acquainted with modern farming.”

The 250 hectares market, first of its kind in Nigeria, is a business hub for farmers, commodity traders, manufacturers, commodity exchange, haulage service providers and all stakeholders in agro and exports value chain.