Nigeria has set a new global record as the world’s first fully digital, end-to-end blockchain based commodity trading and financing platform.
Developed in partnership with Binkabi and AFEX Commodities Exchange, the platform will decentralise agric commodity trading in Nigeria and all emerging economies, helping to reduce intermediation in trade while distributing profit more widely across the value chain.
Speaking at the press briefing announcing the platform in Lagos, according to a statement made available to media, Chief Executive Officer, Sterling Bank Plc, Abubakar Suleiman, said: “Nigeria loses about half of its agricultural products yearly to post harvest processes. By introducing and establishing a viable and efficient agricultural commodities exchange platform, we are able tackle this sort of challenge. Cereal grains such as rice, maize and soya beans which are among the basic staple foods across Nigeria suffer the most loss among all agricultural commodities. By applying some of the latest scientific storage technologies and providing liquidity, we can help reduce this problem and increase margins for the farmers.”
He further said: “In addition, this is a medium to long-term value investment for us at Sterling Bank.