Lawmaker Backs Patronage of Locally Made Goods, Says Panacea for Economic Recession

Lawmaker Backs Patronage of Locally Made Goods, Says Panacea for Economic Recession
October 10 15:36 2016 Print This Article

By Ayobami Joel, Abuja

As part 8th Senate commitment to halt the current economic down turn across? the nation, the Upper Chamber has succeded in tracking Warehouse Receipts?Bill and other related matters Bill SB. 255 2016, which is expected to?provide a marketing tool to the emerging private sector and generate?revenue for government.

The Bill, sponsored by Senator Sam Egwu, representing Ebonyi North, is part?of the priority bills of the current Senate.

The lawmaker further explained that the Bill is already an integral part of?the marketing and financial systems of most industrial countries, adding it?will have ripple effects on the economy as it will increase the volume of?trade and reduce transaction costs.

However, the Bill went for first reading on the floor of the Senate on?Thursday, the 21st of April and went for second reading on Wednesday, the?5th of October, 2016.

The Bill would seek to establish the Nigerian Independent Warehouse?Regulatory Agency to regulate operations of licensed warehouses, provide a?regulatory framework for warehouse receipts and make it negotiable?instruments.

Not only that the Bill would enable depositors store agric commodities in?commercial warehouses and be used as collateral, it would also ensure?warehouse receipts as negotiable instruments that can be traded, sold or?used as collateral for borrowing.

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